The insurance industry is well represented in the latest Forbes Global 2000 list, which ranks the world’s 2,000 largest public companies based on a combined score that considers each company’s revenues, profits, assets, and market value.
A total of 105 insurers fueled the 2022 ranking, with 11 areas securing the top 100. The rest of the world’s other 20 insurance giants were placed at no less than 220.
American companies dominated the list, with six representatives, followed by China with three. Switzerland, Germany and Japan each have two insurance companies on the list, while France, the Netherlands, Canada, Hong Kong and Italy have only one representative.
Overall, the insurance giant boasts a combined market value of nearly $1.6 trillion and assets totaling over $11.2 trillion.
Total revenue and profit reached nearly $1.9 trillion and $140 billion, respectively. While combined sales were down roughly 23% from $2.4 trillion from the previous year, the insurer saw profits increase almost a similar percentage from $113.6 billion during the period.
Insurance company ratings down
2022 marked a downgrade of almost all insurance companies in the top 20. Notably, Chinese industrial giant Ping An fell 11 spots to 17th place from sixth place last year.
The Shenzhen-headquartered company, however, still maintains a top position among insurance companies. Second-placed UnitedHealth Group dropped two places to 22nd while third-placed Munich-based Allianz dropped 12 places to 35th.
Leading industry players Aviva, Progressive, Legal & General, and Cathay Life, at the time, emerged from the top 200 of Global 2000, having occupied positions in the top corporations in 2021.
However, the insurance sector has some bright spots. Three of the world’s 20 largest insurers – AXA Group, Chubb and American International Group (AIG) – moved up the rankings, with AIG posting the biggest increase, rising from 439th last year to 90th in 2022. in New York to break into the industry’s top 10.
These are the 20 largest insurance companies in the world according to the 2022 Forbes Global 2000 ranking.
1. Ping Insurance Group
Headquarters: Shenzhen, China
Global ranking: 17
Line of business: Live and non-live
Revenue: $181.37 billion
Net profit: $15.74 billion
Assets: $1.587 trillion
Market value: $121.69 billion
International ranking 2021: 6th
Despite facing more challenges than its American and European peers, Ping An remains the highest-rated insurance company in the Global 2000. Its 2021 net profit fell 29% to $15.7 billion on a write-off of $6.4 billion. related to investment in China.
Fortune Land Development, one of several Chinese property developers that was beset by bankrupt loans last year, according to Forbes. Its 2021 annual report also revealed that the insurer had invested $32 billion in real estate assets as of the end of last year, accounting for 5.5% of its total investment assets.
That exposure has contributed to a 50% drop in its shares since early last year.
Forbes, however, described Ping An as a “tough cash cow” due to its increased income and client base, which rose to 227 million from 218 million the previous year.
2. UnitedHealth Group – insurance
Headquarters: Minnesota, USA
World ranking: 22nd
Line of business: Life and health
Revenue: $297.55 billion
Net profit: $17.45 billion
Assets: $221.24 billion
Market value: $490.15 billion
2021 international ranking: 20th
United Health Group leads all US-based insurers on the list. The life and wellness insurance specialist accounts for the seventh largest annual income of any company in the Global 2000. According to Forbes, UnitedHealth shares have increased by 25% since October 2021. In March, the company agreed to acquire residential wellness care company LHC Group for $5.4 billion.
3. Allianz – Insurance
Headquarters: Munich, Germany
Global ranking: 35th
Line of business: Live and non-live
Revenue: $138.62 billion
Net profit: $7.81 billion
Assets: $1.324 trillion
Market value: $96.42 billion
International ranking 2021: 23rd
Allianz has the second largest asset value among all insurance companies on the global list. Even though the company’s rating dropped dramatically from last year, its revenue is up nearly 7% from nearly $130 billion while profits have remained steady.
Allianz offers property and accident, life and health, credit, and travel insurance, and asset management services through its brands and subsidiaries to more than 126 million subscribers in more than 70 countries.
4. AXA Group
Headquarters: Paris, France
Global ranking: 48th
Line of business: Live and non-live
Revenue: $145.19 billion
Net profit: $8.39 billion
Assets: $839.85 billion
Market value: $65.75 billion
2021 international ranking: 51st
AXA moved up three spots in the total rankings to claim the fourth spot on the world’s top insurers. This France-based company also ranks in the top five among all insurance companies in terms of net income and assets. In 2018, AXA acquired the XL Group, boosting its status as the world’s top commercial P&C insurer.
To date, the insurance giant has built strong developments in its target segments and key markets, while maintaining its strong tenet to combat global warming.
5. Chinese Life
Headquarters: Beijing, China
Global ranking: 71
Line of business: Life and health
Revenue: $130.5 billion
Net profit: $7.87 billion
Assets: $769.88 billion
Market value: $43.02 billion
2021 international ranking: 46th
While China Life’s net sales and profits jumped 14% from $113.8 billion and 7% from $7.3 billion in 2021, respectively, its market value shrank nearly 25% from $57.3 billion. Overall assets, then, increased from $651.9 billion – an 18% jump. At the end of last year, China Life had approximately 323 million valid long-term individual and group life insurance policies, annuity contracts, and long-term health insurance policies.
6. AIA Group
Headquarters: Hong Kong
World ranking: 73rd
Line of business: Life and health
Revenue: $45.16 billion
Net profit: $7.43 billion
Assets: $334.88 billion
Market value: $120.19 billion
International ranking 2021: 52nd
Despite dropping 21 places on the global rankings, the largest pan-Asian life insurance group still ranks third among all insurers in terms of market value, trailing only UnitedHealth and Ping An. The company accounted for an increase in net profit of more than 27% from $5.8 billion in 2020.
7. MetLife
Headquarters: New York, USA
Global ranking: 74th
Line of business: Live and non-live
Revenue: $71.08 billion
Net profit: $6.55 billion
Assets: $759.71 billion
Market value: $57.39 billion
2021 international ranking: 59th
MetLife has continued its growth from last year, despite its downgrade. The insurance company saw a nearly 5% increase in sales and a more than 20% increase in profits.
The company serves approximately 100 million customers in 40 countries around the world, offering life, medical, dental, accident and health insurance, and credit products for individuals and groups. This includes providing annuities, endowments, and retirement and savings products.
8. Zurich Insurance
Headquarters: Zurich, Switzerland
Global ranking: 80th
Line of business: Live and non-live
Revenue: $69.58 billion
Net profit: $5.21 billion
Assets: $410.15 billion
Market value: $69.22 billion
International ranking 2021: 72nd
Zurich saw sales and profit growth of 19% and 37% last year from $58.4 billion and $3.8 billion, respectively, in 2020. The insurance giant’s estimated market value increased from $61.7 billion – a jump of just over 12 %. Zurich provides a variety of P&C products and services, as well as life insurance.Its customers fall on a broad spectrum, from individuals to small businesses, and medium to large enterprises, with multinational corporations.
9. Cigna
Headquarters: Connecticut, USA
World ranking: 84th
Line of business: Life and health
Revenue: $174.27 billion
Net profit: $5.37 billion
Assets: $151.02 billion
Market value: $81.21 billion
International ranking 2021: 72nd
Wellness insurance company Cigna boasts the sixth largest market value of all the insurance companies on the list. However, its overall rating fell 24 places, causing the company to lose the fourth spot on the top insurers it held last year. The company offers health, pharmaceutical, dental, supplementary insurance, and Medicare plans for individuals, families, and groups.
10. AIG
Headquarters: New York, USA
Global ranking: 90th
Line of business: Live and non-live
Revenue: $52.06 billion
Net profit: $9.39 billion
Assets: $521.83 billion
Market value: $48.73 billion
International ranking 2021: 439
American International Group (AIG) is one of the world’s biggest ranking gainers, climbing 349 places to secure 90th position and break into the industry’s top 10. Insurance company revenue was up 19% from $43.7 billion. It accounted for $9.4 billion in net profit attributable to shareholders, compared to a $6 billion net loss in 2023.
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