AM Best Ranks UnitedHealth Group And Allianz As World’s Largest Insurers

UnitedHealth Group Incorporated occupied the top spot in AM Best’s ranking of the world’s 25 largest insurance companies for a fourth straight year, with $158.5 billion in net premiums written (NPW) in 2017. In addition, Allianz SE moved up two places to the No. 1 spot on AM Best’s ranking by 2017 non-banking assets, dislodging MetLife Inc., which fell to No. 5.

AM Best released the rankings of the world’s largest global insurance companies, by NPW and non-banking assets, in the Dec. 31, 2018, issue of BestWeek. The two rankings are based on BestLink data and additional research. Overall, the annual rankings found stability at the top, as four of the top five insurers by NPW and all five of the insurers by assets for 2017 remained from the previous year’s top five rankings. AXA S.A. was ranked at No. 2 in each of the latest rankings.

U.S.-based health insurance carriers and insurers in China continue to dominate the NPW ranking, accounting for six of the top 10 insurers. Ping An Insurance (Group) Company of China Ltd. jumped into the top five from No. 9 in the previous year, behind a 2017 year-over-year premium increase of 30%. China Life Insurance (Group) Company showed a 14% gain and People’s Insurance Company (Group) of China Ltd. gained 10%. Just outside the top 10, Berkshire Hathaway Inc. climbed to No. 11 from No. 16 as the company saw its premiums rise 33% in 2017. On the asset ranking, MetLife Inc.’s fall to No. 5 was precipitated by a hefty reserve charge in 2017, related to its group annuity business to compensate for unpaid benefits.

The top 10 global insurers ranked by 2017 NPW are as follows:

1. UnitedHealth Group Incorporated, United States
2. AXA S.A., France
3. China Life Insurance (Group) Company, China
4. Ping An Insurance (Group) Company of China Ltd., China
5. Allianz SE, Germany
6. Anthem, Inc., United States
7. Kaiser Foundation Group of Health Plans, United States
8. Assicurazioni Generali S.p.A., Italy
9. State Farm Group, United States
10. People’s Insurance Company (Group) of China Ltd.

The top 10 global insurers ranked by 2017 non-banking assets are as follows:

1. Allianz SE, Germany
2. AXA S.A., France
3. Prudential Financial Inc., United States
4. Japan Post Insurance Co., Ltd., Japan
5. MetLife Inc., United States
6. Berkshire Hathaway Inc., United States
7. Nippon Life Insurance Company, Japan
8. Legal & General Group plc, United Kingdom
9. Prudential plc, United Kingdom
10. Assicurazioni Generali S.p.A., Italy

BestWeek is published weekly by AM Best for insurance professionals, and is available as part of a subscription to the Best’s Insurance News & Analysis service. More information about the Best’s Insurance News & Analysis subscription service is available at www.ambest.com/sales/bina/default.asp. To order, contact Customer Service at +1 908 439 2200, ext. 5742 or at +1 800 424 2378 when calling from the United States and Canada. To learn more about BestLink, visit http://www.ambest.com/sales/bestlink.

AM Best is a trusted source of insurance market insight and data, and the only global credit rating agency with a unique focus on the insurance industry. Best's Credit Ratings are a recognized indicator of insurer financial strength and creditworthiness. Visit www.ambest.com for more information.

Copyright © 2019 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Caroline Saucer
Editor, BestWeek
+1 908 439 2200, ext. 5774
[email protected]

Source: AM Best