UnitedHealth Group and Allianz SE Remain Atop AM Best’s Largest Insurer Rankings

OLDWICK, N.J.--(BUSINESS WIRE)--UnitedHealth Group Incorporated held onto the top spot in AM Best’s ranking of the world’s 25 largest insurance companies for an eighth straight year, growing net premiums written (NPW) by 12% in 2021 to $226.2 billion. In addition, Allianz SE remained in its top spot by nonbanking assets, at $1.2 trillion, while Berkshire Hathaway Inc. rose to second place from fifth.

AM Best released the rankings of the world’s largest global insurance companies, by NPW and nonbanking assets, in the Jan. 6, 2023, issue of Best's News. The two rankings are based on BestLink data and additional research.

Overall, the two rankings saw some reshuffling in the top spots, with U.S.-based health insurers further strengthening their leading positions. Centene Corp. and Elevance Health Inc. (formerly Anthem Inc.) advanced two places in the NPW ranking to come in at second and third. These gains came at the expense of two Chinese insurers — China Life Insurance (Group) Co. Ltd. and Ping An Insurance (Group) Co. of China Ltd. Both Chinese insurers remained in the top five but China Life fell one slot to No. 4 and Ping An fell to No. 5 from No. 2.

Japan-based insurers National Mutual Insurance Federation of Agricultural Cooperatives, Japan Post Insurance, Dai-Ichi Life and Nippon Life all slipped in the ranking by nonbanking assets, with yen depreciation cited as a major driver. Nippon Life also fell the furthest on the NPW ranking, to No. 25 from No. 18.

The top 10 global insurers ranked by 2021 NPW are as follows:

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

The top 10 global insurers ranked by 2021 non-banking assets are as follows:

1. Allianz SE, Germany
2. Berkshire Hathaway Inc., United States
3. Prudential Financial Inc., United States
4. Ping An Insurance (Group) Company of China Ltd., China
5. China Life Insurance (Group) Company, China
6. AXA S.A., France
7. Legal & General Group plc, United Kingdom
8. MetLife Inc., United States
9. Nippon Life Insurance Company, Japan
10. Manulife Financial Group, China

Best's News (formerly BestWeek) is published weekly by AM Best for insurance professionals and is available as part of a subscription to Best’s News & Research Service. To order by phone, contact Customer Service at [phone], ext. 5742 or at [phone] when calling from the United States and Canada. To learn more about BestLink, visit http://www.ambest.com/sales/bestlink.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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