Allianz SE, China Life Insurance Co. Ltd. and Nippon Life Insurance Co. are the three largest life insurance companies in the world, according to a new ranking by S&P Global Market Intelligence.
European companies from six countries dominated the list of top 50 global life insurers ranked by life and accident & health reserves, taking 21 spots. In Europe, the United Kingdom is home to the most companies on the list with seven carriers headquartered there.
Asia accounts for 17 spots on the list of top global life insurers, making it the region with the second-highest number. Mainland China and Japan shared top spot in Asia with five companies headquartered there.
North America took 12 spots on the list with eight companies based in the US, two in Canada and two in Bermuda. On an individual country basis, the US has the highest number of life insurers on the top 50 list, with eight.
MetLife Inc., the largest life insurance company based in the US, ranks seventh on the list of the largest global life insurers. Prudential Financial Inc., the second-largest life insurance company headquartered in the US, placed eighth in the ranking.
![The Worlds Largest Life Insurers, 2023 (1) The Worlds Largest Life Insurers, 2023 (1)](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)
Companies are ranked by 2022 life and accident & health reserves. Life and accident & health reserves generally represent a liability to provide for future commitments under outstanding policies. The exact components of reserves may vary based on the specific accounting regime followed by the companies listed. Analysis is a best-efforts basis limited to public insurance companies around the world and non-public insurance companies in North America and Europe.
Figures are based on originally reported values which may differ to any restated value such as accounting changes in Long-Duration Targeted Improvements in the US and in International Financial Reporting Standards in other geographies. Follow this link to download the data in Microsoft Excel.
![The Worlds Largest Life Insurers, 2023 (2) The Worlds Largest Life Insurers, 2023 (2)](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)
Watching wealth transfer
When asked to highlight future issues that life insurers will need to contend with, experts said one of the biggest themes is going to be how the global life insurance industry will adapt to the forthcoming large-scale transfer of wealth from one generation to the next.
"There's not a single area in the world that isn't going to be experiencing that wealth transfer," said Samantha Chow, global leader for the life, annuities and benefits sector at Capgemini, noting that this transfer of wealth will be fueled by challenges centered around an aging population. The life insurance industry is not yet ready to address this challenge as it does not have the right products and technology, Chow said in an interview.
Brian Galbraith, principal at Deloitte with its insurance practice, said in an interview that in addition to aging populations and lower birth rates, there's been a shift in how people think about life insurance. The "explosive growth" in the demand for cover seen during the pandemic has started to plateau but life insurers are keen to find opportunities for growth amongst the evolving demographics, according to Galbraith.
Growth prospects
Chow expects 2024 will be a "hard year" for dealmakers in the US, especially in light of it being a presidential election year.
The election is scheduled for November 2024 and a new administration would see new leadership at the regulatory watchdogs in Washington policing mergers and acquisitions.
"I don't think we're going to see a lot of M&A throughout the course of next year and if we do it'll probably be within the first quarter or first half of the year," Chow said.
Karl Hersch, Deloitte's US insurance leader, expects the life industry to experience tempered levels of growth in the US and Europe in light of macroeconomic factors while seeing more opportunities in emerging markets.
"The growth I'm expecting to see is more in the emerging markets where you already have a higher underserved population and there's more opportunity," Hersch said.
Rob Sims, managing director and partner with Boston Consulting Group's insurance practice, is seeing the rise of a more digitally led experience in Asia than anywhere else in the world.
"The players who are really being successful are investing heavily in their digital capabilities but also in their agents," Sims said in an interview.
Overall, experts agreed that the use of artificial intelligence is set to impact every part of the insurance value chain including products, marketing, underwriting and claims, with one of the largest impacts being in customer service.
This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.
FAQs
State Farm Mutual Automobile Insurance Co. is the largest global property and casualty insurer with $77.59 billion of direct premiums written, according to a new ranking by S&P Global Market Intelligence.
Who is the largest life insurer in the world? ›
Allianz SE, China Life Insurance Co. Ltd. and Nippon Life Insurance Co. are the three largest life insurance companies in the world.
Who is the #1 life insurance company in the USA? ›
List of life insurance companies
Rank | Company | Premiums written (billions) |
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1 | New York Life Group | 13.288 |
2 | Northwestern Mutual Group | 13.062 |
3 | Metropolitan Group | 12.285 |
4 | Prudential of America Group | 10.924 |
6 more rowsApr 22, 2024
What is the #1 insurance in America? ›
Currently, the largest car insurance company in America is State Farm.
What is the number 1 global insurance brand? ›
Allianz is the #1 insurance brand globally.
What are the top life insurance companies? ›
Top life insurance companies
Company | Best for | AM Best Financial Strength Rating |
---|
Nationwide | Customer satisfaction | A (Excellent) |
Northwestern Mutual | Universal life insurance | A++ (Superior) |
Prudential | Policy personalization | A+ (Superior) |
State Farm | Term life insurance | A++ (Superior) |
3 more rows
Who is the top five life insurance company? ›
Best life insurance companies: Pros and cons
- MassMutual: Best overall.
- Guardian: Best for applicants with a history of HIV.
- Northwestern Mutual: Best for consumer experience.
- New York Life: Best for high coverage amounts.
- Pacific Life: Best range of permanent life insurance.
- State Farm: Best for customer satisfaction.
Who is the top 5 insurance company? ›
Top 10 car insurance providers in the US
- State Farm. Market share: 16.8% Direct premiums written: $46.7 billion. ...
- Progressive. Market share: 14% ...
- GEICO. Market share: 13.8% ...
- Allstate. Market share: 10.8% ...
- USAA. Market share: 5.9% ...
- Liberty Mutual. Market share: 4.9% ...
- Farmers. Market share: 4.6% ...
- Travelers. Market share: 2.1%
What are the big four life insurance companies? ›
According to a 2021 NAIC report, Northwestern Mutual, New York Life, Metropolitan, and Prudential are the four largest life insurance companies in the United States, all together holding 31.09% of the market. Some insurance companies offer riders, which are benefits added to policies, allowing for customization.
Who is the number one most trusted life insurance company? ›
Primerica has just been recognized as the No. 1 'Most Trusted Life Insurance Company' by Investor's Business Daily (IBD) in partnership with MarketWatch, according to an August 29 report on the 2022 rankings. In addition to earning the No.
Biggest life insurers in the U.S.
- Northwestern Mutual. 5.0. NerdWallet rating. ...
- New York Life. 5.0. NerdWallet rating. ...
- MassMutual. 5.0. NerdWallet rating. ...
- Prudential. 4.0. NerdWallet rating. ...
- Lincoln Financial. 4.0. NerdWallet rating. ...
- State Farm. 5.0. NerdWallet rating. ...
- Guardian. 5.0. NerdWallet rating. ...
- John Hanco*ck. 4.0. NerdWallet rating.
Who is the most trusted insurance company? ›
8 best car insurance companies
- Best company overall: Travelers.
- Best for your budget: NJM.
- Best for accident forgiveness: Geico.
- Best for having few customer complaints: American Family.
- Best for financial strength: Auto-Owners.
- Best for discounts: Amica.
What is the most expensive insurance in the world? ›
We've set a new Guinness World Record for the most valuable life insurance policy ever sold, worth US$250 million. Issued and fully underwritten by HSBC Life, our insurance business in Hong Kong, it was taken out by an individual customer earlier this year.
Who typically has the cheapest insurance? ›
The cheapest car insurance rate is $38 a month from Geico according to our research team's cost analysis of national average prices for minimum coverage. The top 10 cheapest car insurance companies are Nationwide, Geico, State Farm, Travelers, Progressive, AAA, Allstate, Chubb, Farmers and USAA.
What insurance company makes the most money? ›
Berkshire Hathaway is the leading insurance company by revenue. Insurance companies offer policies for losses due to accidents, health issues, property damage, and professional liability.
Which is the 3rd strongest insurance brand globally? ›
What is the biggest insurance policy in the world? ›
The Guinness record holder: The most valuable life insurance policy ever sold, according to Guinness World Records, is valued at a total of $201 million, on the life of a well-known U.S. billionaire who resides in the Silicon Valley area of California and is actively known in the technology space.
What is the largest insurance agency in the US? ›
The largest P&C insurers in the United States
Ranking | P/C insurance company name | 2022 Net premiums written (US $ 000) |
---|
1 | State Farm Group | 77,760,744 |
2 | Berkshire Hathaway Ins | 73,561,832 |
3 | Progressive Ins Group | 51,077,621 |
4 | Allstate Ins Group | 42,486,332 |
96 more rows