UnitedHealth Group has retained its number-one slot in AM Best’s ranking of the world’s 25 largest insurance companies for the ninth straight year, according to the credit rating agency. UnitedHealth grew its net premiums written (NPW) by 14% in 2022 to US$257.2 billion.
Meanwhile, Allianz SE retained its top spot for nonbanking assets at US$1.1 trillion, despite a 10% decrease from the previous year, AM Best reported.
The rankings of the world’s largest global insurance companies, by both NPW and nonbanking assets, were released in the January 2024 issue of Best’s Review.
According to AM Best, the top 10 insurers by NPW were dominated by health insurers, with US-based health companies accounting for four of the top five. Centene Health retained its number-two position, with NPW rising 13.2%. Elevance Health, at number three, also retained its position with NPW rising 13.5%. Kaiser Foundation Group of Health Plans rose to number four, while Ping An Insurance (Group) Company of China held steady at number five. The only insurer in the top 25 that saw its NPW fall was China Life Insurance (Group) Co., which slid from fourth to sixth place.
Life insurers dominated the top 25 by nonbanking assets, with seven of the top 10 providing life insurance products. Ping An rose from fourth to second place as its assets spiked 11.4% to US$960.7 billion in 2022. Berkshire Hathaway fell from number two to number three, while China Life Insurance (Group) Company rose from fifth to fourth place. AXA S.A. took the number-five slot, while Prudential Financial fell from number three to number six as its assets tumbled by 26.4%.
1. UnitedHealth Group. UnitedHealthcare, part of UnitedHealth Group, is the largest health insurance company based on revenue. UnitedHealthcare offers a variety of products from individual health insurance to employer plans for some of the biggest corporations.
State Farm is the largest home and auto insurance company in North America, capturing 17.79 percent of the home market and 18.31 percent of auto. State Farm has an extensive network of 19,000 agents across most of the country and is highly rated for overall customer satisfaction by J.D. Power.
Travelers is the most expensive homeowners insurance company for $200,000, $350,000, $500,000 and $750,000 dwelling coverage amounts. Rates vary significantly among companies because they each have their own formulas for pricing. That means it's vital to comparison shop homeowners insurance quotes when buying a policy.
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.
Executive Life Insurance Company (1991) - One of the largest life insurance companies in the US, it went bankrupt due to investment losses in junk bonds.
Considering State Farm and Geico are the two biggest auto insurance companies in the U.S., most drivers can find what they need from either company, whether that's minimum or full coverage. However, there are a few key differences between State Farm vs. Geico when it comes to auto insurance options.
The ten best international health insurance companies are VUMI, Cigna Global, AXA, MSH International, GeoBlue, Allianz Care, IMG Global, April International, Now Health International, and BUPA Global. Tip: Keep shopping for health insurance simple by getting free quotes to compare multiple companies at once.
Introduction: My name is Terrell Hackett, I am a gleaming, brainy, courageous, helpful, healthy, cooperative, graceful person who loves writing and wants to share my knowledge and understanding with you.
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