In this article, we’ve compiled a list of the world’s best insurance companies based on revenue and profit metrics. In recent years, top insurance companies have been vibrant and fiercely competitive.
The insurance sector is on the verge of being disrupted, owing to technological advancements, client demands for 24-hour service, and changes in legislation and standards. In areas such as claims processing, cashless hospitalization, online applications and premiums, speedy clearing, adjudication, and more, top insurance companies are now utilizing technologies such as automation, AI/ML, and blockchain. As a result, the entire insurance market is being redefined.
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Revenue and Profits of the Top Insurance Companies
In terms of market capitalization, the best insurance businesses in the world are part of global financial conglomerates. Berkshire Hathaway, AXA, and Ping An are among the top insurance businesses, followed by Allianz, Japan Post, Prudential, and others. The top ten insurance companies in the world in 2020 are shown below.
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10. MetLife Inc
Metlife was founded in 1868 and has made significant contributions to the financial services industry by offering insurance, annuities, employee benefits, and asset management.
Metlife’s headquarters are in New York, New York. It is a well-known leader in the insurance business for innovation and superb protection planning, as well as the launch of solutions in retirement and savings, with a workforce of 58000 employees.
Asia, the United States, Europe, Latin America, the Middle East, and Africa, as well as Metlife Holdings, are the company’s five segments. They have a significant global presence in over 60 countries thanks to organic expansion, acquisitions, joint ventures, and other collaborations. Metlife Foundation pledged in 2013 to help low-income and impoverished individuals and families achieve financial inclusion. They are now following $200 million five-year plans for this. MetLife Customer Solutions Center has helped the organization become more customer-focused, providing security and trust. Metlife customer service employs 2,100 representatives and sales agents who respond to and address about 32 million client pre-sales and post-sales issues.This company is ranked 10th in its top Insurance companies list.
9. The People’s Insurance Company (PICC)
The People’s Insurance Company (Group) of China Limited, headquartered in Beijing, China, was founded in 1949.
It rose to become one of the world’s leading insurance businesses in just 69 years. It is a state-owned corporation that promotes insurance services through its two subsidiaries, Asset Management Company Limited and Property and Casualty Company Limited. Within the group, this company offers a variety of insurance services, including property and casualty, life and health insurance, asset management, and reinsurance. With over a million employees, the corporation has put a lot of effort towards marketization and financial risk prevention in P&C insurance.This section reinforced strategic advice, changed organizational structure, inspired and implemented proactive financial policy, reviewed market benchmarking, and promoted upgrades in the face of complex and tough market rivalry. With a 20% rise in annual net income, the result is astonishing. In its list of Insurance firms, this company is rated 9th.
Generali is one of the world’s leading insurance businesses. Customers can choose from a number of options such as life insurance, health insurance, and other financial services provided by Generali. The corporation is well-known around the world, with operations in more than 100 countries. Generali offers a skilled team that provides customers with solutions tailored to their specific needs and requirements. The company was founded in the year 1831 and is situated in Italy. Genertel, Alleanza Toro, Ina Assitalia, and Europ Assistance Group are among the company’s subsidiary brands.The Generali group has a solid consumer base in Europe and has expanded its footprint in America, Asia, and Africa in recent years. Through different marketing and advertising operations, the corporation has developed a good brand value in the minds of consumers. Several global events, as well as sports teams in Italy, France, and other European countries, have been sponsored by the firm.
Prudential Financial Inc. was formed in Ohio, United States, in 1872. Its major businesses are insurance and investments, but it also engages in other insurance specializations through its subsidiaries and affiliates. The number of employees is estimated to be over 50,000. In the Forbes Global 2000 list of 2018, it was ranked 111. The corporation decided to split into two organizations in 2018. M&G Prudential is a significant retirement and savings company in the United Kingdom and Europe. Another group, the International Group, will bring together enterprises from Asia, the United States, and Africa to capitalize on growth prospects. Throughout the demerger process, the corporation has prioritized the client.In 2017, the Group released its first environmental, social, and governance report, showcasing how it communicates with investors and regulators on ESG risks and solutions, as well as how it handles with stakeholders and consumers alike with the same sense of duty and dedication. The organization focuses on financial education, disaster preparedness, and social inclusion in addition to its traditional business activities. Prudential is ranked 6th among the best insurance firms.
6. China Life Insurance
China Life Insurance Company Limited, located in Beijing, China, was founded in 2003.
This 70% state-owned company is a leading life insurance company as well as one of China’s major asset management firms. It offers a wide range of insurances, including accident and health insurance, reinsurance, and long and short-term fund investments, in addition to individual and group life insurance. Because it is customer-focused, the company began reengineering business processes and developing a new business model and technological infrastructure. To simplify and improve the client experience as well as operational efficiency,It released over 20 new applications. As a result, the Company has taken a significant stride toward technological transformation and has begun operating and managing in an Internet-based mode. With the biggest market share in terms of gross written premiums, the business strengthened its first-mover advantage in rural regions and enhanced the competitive environment in major and medium-sized cities, propelling it to the top of the world’s insurance businesses.
5. Japan Post Holdings
With a huge employee base of around 2.5 lacs, this company is the Number One Japanese insurance company headquartered in Tokyo.
Japan Post Insurance company Limited offers Life insurance, medical insurance, automobile insurance and Education endowment in addition to ordinary endowments. It connects and sells to customers through agencies and its own post offices which can be found in every corner of the country as bases of operations. Using Post offices helps it in two ways- nation wide network availability and reach to individuals and households. With regards to products and services, it promoted an initiative called “Kampo Platinum Life Service” to offer elderly customer-friendly services that emphasize a sense of security and trust by improving contacts with all of its customers-individuals and corporates. The group is ranked 45th in Forbes Global 2000 List 2018. The company has wholesale divisions placed in 76 major cities nationwide. Through these units, products and services are sold directly and primarily to corporate and worksite markets. From April 2017, use of IBM Watson in daily business improved operational efficiency. This Insurance division of this company is ranked 5th in its Insurance companies list.
4. Alliance Insurance
Allianz Insurance was established in 1890 in Munich, Germany.Since then, this company has been very competitive in insurance industry and now operates in 70+ countries around the world with 1,43000 workforces. In 2018, Allianz is ranked among the top Forbes Global 2000 list. With core businesses in Insurance and Asset management, it offers a wide range of property-casualty and life/health insurance products to both retail and corporate customers. For P&C segment, these include motor, accident, property, general liability, travel insurance and assistance services. It is the leading P&C insurer worldwide and comes in top five in the Life/Health insurance business. The Allianz group has come a long way and delivered net income of $6.8 billion in this year in spite of numerous natural disasters. For this success, the company gives credit to the global strategy program “Renewal Agenda”. Under this program, they started focus on Technical excellence and Customer satisfaction which helped them in 3% growth in annual revenue. The customer satisfaction has reached above average level in more than 60% of the businesses. According to Brand Finance, Allianz has the second highest brand value of all the global insurance companies. This brand is known for quality and expertise, trust and reliability- all these attributes have been intact with Allianz in the last few decades.
AXA is a very old company which was established in 1852 in Paris, France.
The name was intentionally chosen so as to be easily pronounced by people belonging to any language. It has presence in Asia, North America, Western Europe and the Middle East with workforce of approximately 100,000. This company is specialized in Life, Health, Protection and P&C commercial lines segments. With approx 100 million customers in 56 nations worldwide, the company scored rank 27 in Forbes 2000 list of 2018. Recently, the group has restructured its organization and divided itself into six segments of operation – International, France, Asia, USA, Europe and Transversal and Central Holdings. For expanding customer reach to SMEs and individuals, it is developing Parametric Insurance solutions through AXA Global Para metrics unit. AXA works not only in insurance field but also in banking, asset management, investment and other financial branches. It distributes products through exclusive and non-exclusive channels including exclusive agents, salaried sales forces, direct sales, banks, as well as brokers, independent financial advisors, aligned distributors or wholesale distributors and partnerships making it second in the top insurance companies list.
2. Ping AN Insurance
Ping AN Insurance among the top insurance companies in the world.
This company was established in 1988 with its headquarter in Shenzen, China. The firm has approximately 320,000+ dynamic workforce and is the largest and most valuable insurer of the world, worth $217 billion as of January 2018. It operates through three subsidiaries namely Ping An Bank, Ping An Securities and Ping An Trust. According to Brand Finance, this company has the highest brand value among all Insurance companies internationally. It comes in rank 16 in Forbes Global 2000 list of 2018. The company has positioned itself as World leading technology powered Personal Finances services group. It has two focuses- Pan Financial assets and Pan Health Care and two growth models- Finance plus Technology and Finance plus Ecosystem. It has achieved continuous CAGR of 25-29% in Total earnings and Total assets since many years. It is engaged in a diverse variety of businesses such as Life and Health, Property and casualty, Banking, Trust, Securities, Fintech and Health-tech and other Asset management. Ping An Bank’s retail strategic transformation generated positive effects as the bank’s revenue and net profit from retail banking grew by 41.7% and 68.3% year on year respectively.
1. Berkshire Hathaway
Berkshire Hathaway is a conglomerate holding company headquartered in Nebraska, USA.
With a shareholder equity of $348 billion, Berkshire Hathaway is one of the oldest player in insurance industry which had been established in 1839. Its products and services are available through individual agencies and brokers. It is engaged in a diverse number of business activities among which Insurance and Reinsurance business are primary ones. These two businesses are conducted through numerous domestic and foreign based insurance entities. In 2014, by forming Berkshire Hathaway specialty Insurance this company entered into commercial insurance. With Asian regional offices in Singapore, Hongkong, Malaysia and Macau, BHSI recently has established an office in Dubai where it concentrates on specialty and commercial insurance in the lines of construction, marine, property, casualty, energy, professional and executive. Berkshire’s insurance companies maintain capital strength at exceptionally high levels, which differentiates them from their competitors hence it is number one in the list of top insurance companies. The company has an employee base of approx. 3.6 lacs.
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Last Updated on July 9, 2021 by Akwaowo AkpanSharing means caring