Insurance to a lay man can be explained as transferring of risk, in return of the premiums paid. Insurance has grown a lot over the years with people becoming more aware and understanding its importance. The industry has diversified and has many types of insurances to offer to its customers.
The types of insurance can mainly be characterized into life insurance and general insurance and has many subcategories. The products offered vary from company to company, but can be compared for its basic features.
Here is the list of Top 10 Biggest Insurance Companies in the World:
List of Contents
10 Allianz SE
It is European company providing financial services and has its headquarters in Munich. The company is mainly into the business of asset management and insurance.
The company came into existence on 5th February, 1890 in Berlin by Wilhelm von Finck and Carl von Thieme. The company was the largest in world in 2014, according to Forbes magazine and had the most revenue in 2013. The company is a part of Euro Stoxx 50 Stock market index. Presently, Oliver Bate is the CEO, Maximilian Zimmerer its CFO and Helmut Perlet its Chairman. As of 2014, the company had 147,425 employees, total assets of $926.16 billion and profit of 6,603 billion Euros. The company operates worldwide including countries like Australia, Belgium, Bulgaria, Canada, Germany, India, Indonesia, Italy, Pakistan, Slovakia, UK, US etc. Subsidiaries include Allianz Worldwide Care, Allianz France, Allianz Global Investor, Allianz Life, Allianz Insurance plc etc.
9 ING Group (Internationale Nederlanden Groep)
It is Dutch corporation providing financial and banking services with headquarters in Amsterdam. The group is mainly into direct banking, insurance, retail banking, asset management, investment banking and commercial banking.
The group was formed with the merger of an insurance company and a banking company. The insurance company was of Netherlands and banking under the Dutch Government. The merger took place in 1991 and named the merger as ING Group, this was done after the regulation was amended and allowed banks and insurance companies to work together. In 2012, it was world’s largest insurance and financial service conglomerate by revenue according to “Fortune Global 500”. As of 2012, it had 84,718 employees and profit of 3.10 billion Euros. It has total assets of value $914.41 billion as of 2016.
8 Met Life
MetLife, Inc. is holding corp. for Metropolitan Life Insurance Company, also called as MetLife. The company is mainly into annuities, employee benefit program and insurance and is amongst the largest to provide these services.
The company was established on 24th March, 1868. It completed its process of mutualization on 6th January, 1915 by becoming a mutual company from a stock life inc. co. owned and managed by individuals. Presently, Steven A. Kandarian is the Chairman, CEO and President of the company, having its headquarters in New York. As of 2010, the company had 66,000 employees, revenue of $52.717 billion and total assets of $48.996 billion. Its affiliates and subsidiaries include MetLife Bank, MetLife Investors, Metropolitan Property and Casualty Insurance Company etc.
7 Munich Re Group
It’s a reinsurance company situated in Munich. They are world’s largest reinsurers and ERGO, its subsidiary, is its main insurance arm. The shares of the company are listed on German Stock exchanges and Xetra electronic trading system. It is also listed on Euro Stoxx 50, DAX- Frankfurt Stock Exchange and many more.
The company was established on 19th April, 1880 by Carl von Thieme and Wilhelm von Finck. In 2010, Warren Buffett, US investor, became its biggest single shareholder but by 2015, he reduced the holding to 3%. As of 2015, it had 43,554 employees, 50.4 billion Euros of revenue and 276.5 billion Euros of total assets. Its subsidiaries include Munich Reinsurance America, America Modern Insurance Group and Hartford Steam Boiler Inspection and Insurance Company.
It is a multinational insurance company headquartered in Paris. The firm is mainly into investment management, financial services and global insurance. The group mainly operated in North America, Western Europe, Asia Pacific Region, some parts of Africa and Middle East.
The company was established in 1816 with the name of Mutuelle de L’assurance contre L’incendie. The name AXA was adopted in the year 1985. The name is not an abbreviation and was kept for the convenience of the people who speak different languages. The company is listed on Euro Stoxx 50 Stock market index and was the 2nd most powerful according to ownership and corporate control in 2011. As of 2015, it had 166,000 employees, 5.61 billion Euros of revenue and total assets of $965.38 billion. Presently, Thomas Buberl is the CEO and chairman of the company.
5 United Health Group
The United Health Group Inc. is a healthcare company of America. It is situated in Minnetonka and is 6th on the list of “Fortune 500”. It provides services mainly through two subsidiaries, Optum and United Healthcare.
The company was established in 1977 by Richard Tyagi Burke and became the parent company of Charter Med Incorporation. The company operates in more than 125 countries and serves about 85 million people in United States alone. It uses its resources and experience to improve healthcare services. Presently, Richard T. Burke is the chairman and Stephen J. Hemsley its CEO. As of 2015, it had 200,000 employees, $157.1 billion of revenue and total assets of $33.83 billion.
4 AIG(American International Group Inc. )
American International Group Inc. and commonly known as AIG, is a multinational insurance corp. from America. The company serves more than 88 million customers worldwide and operated in 130 countries. The company manages its business through: AIG Life and Retirement, United Guaranty Corp and AIG Property Casualty. AIG Life and Retirement is into retirement and life insurance services, AIG property casualty is in to individual, commercial and institutional insurance product service and UGC is into mortgage insurance and insurance of mortgage guaranty.
The company was established in 1919, in China by Cornelius Vander Starr, an American, who eventually expanded his business in America after its success in China. The company has its headquarters in New York, United States. Presently, Douglas Steenland is its Non-executive chairman and Peter Hancock as its CEO and President. As of 2014, it had 65,000 employees, $64.4 billion of revenue and $515.6 billion of total assets.
3 Prudential Plc
Prudential is a multinational financial service and life insurance company, with its headquarters situated in London. The company’s largest branch Prudential Corporation Asia with more than 13 million customers, spread over 12 markets of Asia with India, Hong Kong, Indonesia, Singapore, Malaysia, Vietnam and Philippines being the major ones. The UK branch has over 7 million customers and is one of the main company providing pension and life insurance services.
The company was established on 30th May, 1848 in London by the name of The Prudential Mutual Assurance Investment and Loan Association giving loans to working and professional people. Since then, the company has acquired companies like Jackson National Life Insurance Company and M&G Investment. It is listed on stock exchanges like London Stock Exchange, FTSE 100 Index and secondary listing at Singapore Exchange, New York Stock Exchange and Hong Kong Stock Exchange. As of 2015, the company had 41.305 billion pounds of revenue and a market capitalization of 41,630 million pounds, in the year 2015.
2 China Life Insurance
It is Chinese company based in Beijing, providing annuity and life insurance products. The company is 70% owned by state and is largest life insurance co. in China. After liberalization, the company has been facing a lot of competition and has gone through some rocky years. The company was ranked no#94 on the Fortune Global 500 in the year 2015.
The company was established in 1949 by taking over all the insurance companies and forming People’s Insurance Company of China. It was dissolved in 1999 and was replaced by 4 companies owned by state, which included China life Insurance. The parent company of it is China Life Insurance Group and Yang Mingsheng is its Chairman. As of 2015, it has $362.1 billion of total assets. The company has in it 68.37% share of China Life Insurance Group, 2.03% of China Securities Finance and 0.42% of Central Huijin.
1 Berkshire Hathaway
It is a multinational conglomerate from America, situated in Omaha. The company is a holding company for GEICO BNSF, Dairy Queen, Helzberg Diamond, Lubrizol, Fruit of the Loom, NetJets and FlightSafety International and has 26% share in Kraft Heinz Company. It also has shares in The Coca Cola Company, IBM, Wells Fargo, Restaurants Brands International and American Express.
The company was established in 1839 as Valley Falls Company by Oliver Chace in Rhode Island. Presently, Warren Buffett is the President, CEO and Chairman of the company along with Charlie Munger as its Vice Chairman, Marc Hamberg as Senior VP and CFO and Bill Gates as its Director. As of 2015, it had 331,000 employees, $210.82 billion of revenue and total assets of $552.25billion. Warren Buffett has about 37.4% in the company.
Top 10 Biggest Insurance Companies in the World
|Sr No.||Ten Biggest Insurance Companies|
|2||China Life Insurance|
|4||AIG( American International Group Inc.)|
|5||United Health Group|
|7||Munich Re Group|
|9||ING Group (Internationale Nederlanden Groep)|
Investing in insurance is always a good idea as apart from giving you protection from various risks, it is also considered as a good option for investment which gives a lump sum amount on the maturity of the policy. With so many companies offering a wide range of policies with different feature, it is extremely important to study the market properly and compare the policies. This list might help you shortlist some of the best companies and help you make the best choice.