The Top 10 Insurance Companies

The Top 10 Insurance Companies

What are the top 10 insurance companies in the world? That’s an important question to ask if you’re shopping around for auto, home, or life insurance. Answering this question means that you know how to select an insurer with solid financials that will be there when you need them most. In fact, it might seem like an easy task since there are only ten companies to choose from, but when you look at them all at once, it may be difficult to narrow down your selection. Here’s the list of the top 10 insurance companies worldwide and why they made this list.

The Top 10 Insurance Companies

1) AXA

AXA is a French multinational insurance firm that provides financial protection services to its customers through life insurance, health insurance, asset management and other related products. They provide life and non-life insurance in their areas of operation in Asia, Europe, Africa and Latin America. In 2011 AXA had total revenues of $87 billion with total assets of $715 billion. AXA was founded by François Crédit on January 31, 1816 as Société Générale d'Assurances (General Assurance Society). The company has also been listed on NYSE since 2008.

2) Allianz

Headquartered in Germany, Allianz is one of the largest insurance companies in Europe. The company has been around for more than 170 years and was founded by two friends: Friedrich Ludwig Vonore and Carl von Thieme. Today, Allianz operates all over Europe as well as in Asia, South America, and North America. According to its website, Allianz had revenues of $112 billion and profits of $2.8 billion in 2015 alone.

3) AIG

American International Group, Inc. is an American insurance corporation. It was formed in 1919 by a merger of multiple insurance companies that had become heavily involved in real estate investment and risk management by creating syndicates and trading securities (creating a new type of entity: an insurance-investment company). The assets of AIG's primary subsidiaries included life insurance, general insurance, accident and health, as well as property casualty lines including commercial and personal aviation, marine and energy. The bulk of AIG's business has always been conventional life insurance rather than alternative investments.

4) Prudential Financial Inc.

With more than $1.1 trillion in assets, Prudential Financial Inc. is one of largest insurance companies in the world and was founded in 1875 by John Dryden Pruyn. It is a global financial services company that provides financial products and services for individual and institutional customers through three divisions: Prudential Retirement, Prudential Financial, and Jackson National Life. Headquartered in Newark, New Jersey, it has offices throughout North America, Latin America, Europe, Asia and Australia. In 2013 it had $1.19 trillion in assets under management (AUM) and approximately 27 million customers worldwide with total revenue of more than $50 billion.

5) MetLife, Inc.

MetLife, Inc. is an American holding company specializing in insurance and investment management. Founded in 1868 as a life insurance company, MetLife has since expanded into more general insurance products (auto, home, etc.) while retaining its core life insurance business. Headquartered at 200 Park Avenue in New York City, it is one of the largest global providers of life insurance,[3] pensions and retirement assets.[4] It is also a member of S&P 500 index.[5] MetLife has its largest operations in North America and Asia; it had gross written premiums of $72 billion worldwide in 2017[6]. Its current chief executive officer (CEO) is Steven A. Mandarina. Its chairman is John D.

6) CNA Financial Corporation

CNA Financial Corporation is a holding company for CNA Surety & Casualty Company, a specialty lines insurance company providing insurance and reinsurance for small businesses, professionals and individuals. Headquartered in Chicago, Illinois, CNA operates through its subsidiaries under CNA Surety & Casualty Company and Colonial Penn Life Insurance Company. As of December 31, 2012, it had assets of $8.7 billion and offices in 50 states. In 2011 it paid dividends of $170 million to shareholders, who are also its sole owners because CNA has no public stock outstanding.

7) Nippon Life Insurance Company Limited (Japan)

Market capitalization of $122 billion. Nippon Life Insurance Company Limited (NYSE:LIFE) is a holding company for its subsidiaries, Life Corporation and Nippon Lease Co., Ltd. (NLC). The top ten insurance companies by market cap rank in order as follows: Nippon Life Insurance Company Limited, Prudential Financial Inc., MetLife, Inc., Berkshire Hathaway Incorporated (BRK/A), China Pacific Property & Casualty Reinsurance Company Limited, AIG, New York Life Investment Management LLC, Tokio Marine Holdings Inc., MassMutual Life Insurance Company and Starwood Property Casualty Insure. Co. Of America.

8) Legal & General Group PLC (United Kingdom)

Legal & General Group PLC is a U.K.-based insurance company with roots tracing back to 1846. The company provides individual and commercial life, general, health and accident insurance, as well as long-term savings solutions through its subsidiaries. In 2016, Legal & General was ranked at No. 13 on Forbes’ list of largest publicly traded companies in Western Europe and 49th overall on Forbes’ list of largest public companies worldwide. The company is currently valued at $24 billion USD (as of April 11, 2017).

9) Mitsui Sumitomo Insurance Co., Ltd. (Japan)

Mitsui Sumitomo Insurance Co., Ltd. (MSI) was established in 1988, following a spin-off from Mitsui Sumitomo Marine & Fire Insurance Co., Ltd. (MSMF). MSI operates as an insurance holding company, which focuses on life and non-life insurance business. Its subsidiary companies mainly deal with commercial life insurance, personal accident and travel insurance, automobile and motorcycle liability insurance, credit life and general accident insurance, health insurance and protection benefits. It is headquartered in Minato-ku Tokyo Japan.

10) Chubb Corporation (United States)

The Chubb Corporation provides property and casualty insurance to businesses, individuals, and institutions throughout North America. Headquartered in Warren, New Jersey, Chubb is a member of the S&P 500 index. The company was founded in 1882 and received its current name in 1998 after acquiring The Travelers Corporation. It employs over 30,000 people worldwide and offers a broad range of products including business insurance. Revenue has increased by 5% on average per year since 2010 reaching $24 billion in 2016.