Head workplace location: Minnesota, USA
Market cap: $459.05 billion
Enterprise line: Medical health insurance
UnitedHealth Group is a diversified well being and well-being firm based mostly in Minneapolis. The medical health insurance large serves shoppers and customers within the US and over 130 different nations via two distinct platforms, specifically:
- UnitedHealthcare: The agency’s insurance coverage arm gives healthcare protection and advantages via its community of greater than 1.3 million physicians and healthcare professionals and 6,500 hospitals.
- Optum: Its tech unit provides info and technology-enabled well being companies.
Not solely are they the most important insurance coverage firm on the earth based mostly on market cap however UnitedHealth additionally boasts a workforce that features 85,000 nurses and physicians targeted on serving to individuals dwell more healthy lives. It additionally invests practically $3.5 billion in know-how and innovation, and processes roughly 1.1 trillion transactions yearly.
Head workplace location: Shenzhen, China
Market cap: $132.54 billion
Enterprise traces: Life and well being, and property and casualty insurance coverage
Ping An Insurance coverage Group is among the largest insurance coverage firms on the earth, catering to greater than 220 million shoppers and practically 611 million on-line customers. It employs over 362,000 employees globally. The corporate’s insurance coverage enterprise consists of two traces. These are:
Life & well being
Ping An conducts its well being and life insurance coverage via Ping An Life, Ping An Annuity, and Ping An Well being. They’re among the many first life insurance coverage firms to make use of AI-powered robots to conduct gross sales agent recruitment interviews. They’ve additionally launched an unique sensible private assistant referred to as AskBob. This device gives brokers with varied sales-enabling prompts to assist them enhance gross sales conversions and be extra productive. The device is displaying promise:
Property & casualty
Ping An’s P&C unit covers the next companies:
- Auto insurance coverage
- Company property and casualty insurance coverage
- Engineering insurance coverage
- Cargo insurance coverage
- Legal responsibility insurance coverage
- Assure insurance coverage
- Commerce credit score insurance coverage
- House contents insurance coverage
- Accident and medical health insurance
- Worldwide reinsurance
Ping An makes use of new applied sciences to advertise on-line buyer growth and enhance its service system:
- Its Ping An Auto Proprietor app, as an illustration, has greater than 25 million month-to-month energetic customers, topping the record of auto service apps in China.
- Its Ping An Sensible Claims Answer, in the meantime, makes use of synthetic intelligence to automate your entire claims-processing system from claims submission, immediate inspection and settlement, and appraisal to roadside help and auto components sourcing.
Head workplace location: Hong Kong, SAR
Market cap: $122.43 billion
Enterprise traces: Life and medical health insurance
AIA Group is the most important pan-Asian life insurance coverage group. It provides monetary companies and insurance coverage merchandise in 18 markets throughout the Asia-Pacific area. These embrace:
- Australia
- Cambodia
- Mainland China
- Hong Kong & Macau
- Indonesia
- Malaysia
- Myanmar
- New Zealand
- Philippines
- Singapore
- South Korea
- Sri Lanka
- Taiwan
- Thailand
- Vietnam
For people, AIA’s collection of insurance coverage merchandise consists of:
- Accident safety insurance coverage
- Medical health insurance
- Life insurance coverage
- Medical insurance coverage
- Retirement insurance coverage
AIA additionally gives worker advantages and pension companies to company shoppers to cowl workers’ well being, earnings safety, and retirement wants. The corporate employs specialists in every nation who’re accountable for delivering companies and advantages merchandise to firms of all sizes.
Head workplace location: Beijing, China
Market cap: $121.70 billion
Enterprise traces: Life and property and casualty insurance coverage
China Life is among the largest suppliers of particular person and group life insurance coverage, annuity, and accident and well being insurance policies in China. As one of many largest insurance coverage firms on the earth, they boast an intensive distribution and repair community consisting of:
- 746,000 particular person brokers
- 41,000 direct gross sales representatives
- 23,000 account managers within the bancassurance channel
China Life has roughly 317 million long-term particular person and group life insurance coverage insurance policies, annuity contracts, and long-term medical health insurance plans in power. It additionally gives particular person and group accident and short-term medical health insurance insurance policies and companies.
Head workplace location: Indiana, USA
Market cap: $113.69 billion
Enterprise line: Medical health insurance
Elevance Well being gives the next plans to its greater than 32 million members:
- Medical insurance coverage
- Pharmaceutical insurance coverage
- Dental insurance coverage
- Behavioral medical health insurance
- Lengthy-term care insurance coverage
- Incapacity insurance coverage
These plans are distributed via its affiliated firms Anthem Blue Cross and Blue Defend and Wellpoint.
Elevance Well being is the most important for-profit managed healthcare firm within the Blue Cross Blue Defend Affiliation. It boasts a community of 1.7 million medical doctors and hospitals in 14 states, specifically:
- California
- Colorado
- Connecticut
- Georgia
- Indiana
- Kentucky
- Maine
- Missouri
- Nevada
- New Hampshire
- New York
- Ohio
- Virginia
- Wisconsin
Elevance Well being was previously generally known as Anthem. The medical health insurance large modified its title in June 2022.
Head workplace location: Munich, Germany
Market cap: $93.51 billion
Enterprise traces: Property and casualty, life and medical health insurance
Allianz Group provides property and casualty, life and well being, credit score, and enterprise insurance coverage, and asset administration companies by way of a number of manufacturers and subsidiaries to greater than 126 million prospects in over 70 nations. It additionally employs greater than 155,000 individuals worldwide.
Aside from Allianz, which is among the many largest insurance coverage firms on the earth, among the many group’s prime manufacturers are:
- Euler Hermes: A credit score insurance coverage firm that provides a variety of bonding, ensures and collections companies for the administration of business-to-business (B2B) commerce receivables.
- Pacific Funding Administration Firm (PIMCO): One of many world’s main mounted earnings funding managers.
- Allianz World Company & Specialty (AGCS): A world insurer targeted on enterprise insurance coverage and enormous company and specialty dangers. It has a worldwide community in additional than 210 nations and covers a variety of sectors and companies.
Head workplace location: Connecticut, USA
Market cap: $87.33 billion
Enterprise line: Medical health insurance
Cigna’s varied insurance coverage and merchandise embrace dental insurance coverage, Medicare plans, healthcare insurance coverage for people and households, Medicare supplemental plans, different supplemental insurance coverage, and even some worldwide medical health insurance choices. It has a 70,000-strong workforce serving over 190 million prospects in additional than 30 nations.
Cigna provides well being and wellness services and products via its two items:
- Cigna Healthcare: A well being advantages supplier targeted on serving to prospects enhance their well being via each stage of life.
- Evernorth Well being Companies: Presents pharmaceutical, care, and advantages merchandise designed to enhance well being, enhance vitality, and make the remedy and prevention of sickness extra accessible.
Head workplace location: Zürich, Switzerland
Market cap: $86.55 billion
Enterprise traces: Property and casualty, well being and life insurance coverage
Chubb employs greater than 31,000 individuals worldwide and has operations in over 50 nations and territories. The business behemoth’s spectacular portfolio of insurance coverage merchandise spans quite a lot of traces, from business P&C insurance coverage merchandise for companies of all sizes to non-public traces. The latter contains:
- Vehicle insurance coverage
- Householders insurance coverage
- Leisure marine insurance coverage
- Aviation insurance coverage
- Umbrella legal responsibility protection
- Captive applications
- Political threat coverages
- Crop insurance coverage
- Accident and medical health insurance
- Life insurance coverage
Chubb makes use of retail and wholesale brokers, unbiased and captive brokers, in addition to bancassurance (collaboration with banks), mobilassurance, direct advertising, and different channels to distribute its merchandise. For brokerages utilizing Chubb, they supply instruments, sources, and programming – similar to product coaching help – to assist its rising variety of companions achieve success.
Head workplace location: Ohio, USA
Market cap: $83.45 billion
Enterprise traces: Property and casualty insurance coverage
The Progressive Group is one America’s hottest insurance coverage manufacturers. The insurance coverage large is among the many largest auto and bike/specialty RV insurers within the nation. Progressive writes over 13 million auto insurance coverage insurance policies every year.
Though finest identified for its auto insurance coverage merchandise, Progressive additionally provides a variety of coverages for private and business dangers. Its portfolio contains:
- Condominium insurance coverage
- Boat insurance coverage
- Pet insurance coverage
- House insurance coverage
- Renters’ insurance coverage
- Life insurance coverage
- Business insurance coverage
- Insurance coverage bundles
Progressive promote their insurance coverage insurance policies on to customers or by way of a community of unbiased brokers. Its company enterprise distributes merchandise via greater than 30,000 unbiased insurance coverage companies throughout the US.
Progressive can be credited as the primary main auto insurer firms on the earth to launch a web site, little doubt being a part of their push to turn into one of many greatest insurance coverage firms on the earth. In what was then a revolutionary transfer, the insurance coverage firm launched its website in 1995. By 1996, they even gave customers the flexibility to check insurance coverage charges on-line. A 12 months later, Progressive shoppers had been in a position to purchase auto insurance coverage insurance policies on-line in actual time.
At current, the insurer has a thriving direct-to-consumer enterprise, which is supported by plenty of 24/7 digital instruments. These embrace:
- On-line coverage service and administration
- On-line claims reporting
- Fee ticker – a web-based comparability device
- Impartial agent locator
- Chatbots
- An immediate quoting service
Head workplace location: New York, USA
Market cap: $81.07 billion
Enterprise traces: Insurance coverage broking and threat administration
Marsh McLennan Firms (MMC) is an expert companies agency that’s behind a few of the largest insurance coverage firms on the earth, together with:
- Marsh: An insurance coverage brokerage and threat administration large, with places of work all around the world. Marsh has been credited with advising round 95% of Fortune 1000 firms.
- Man Carpenter: Presents reinsurance broking experience, whereas additionally providing strategic advisory companies and analytics to customers.
MMC can be the guardian firm of main consulting gamers Oliver Wyman – a world administration consulting agency – and Mercer – a human sources consulting firm.
The desk beneath reveals the remainder of the 20 largest insurance coverage firms on the earth by market cap.
The market cap knowledge was pulled from this web site. Additionally known as market cap, market capitalization is the full market worth of an organization’s excellent shares owned by stockholders. In easy phrases, it’s how a lot the corporate is price as decided by the inventory market. Market cap is calculated by multiplying the variety of excellent shares by the present market worth of a single share.
Buyers usually use market capitalization to find out an organization’s dimension relatively than its gross sales or complete property. The determine can be used to judge an organization’s monetary efficiency in opposition to different companies of assorted sizes.
Figuring out a agency’s market cap is essential, particularly for the investing neighborhood, as a result of firms with bigger market capitalization are sometimes seen as safer investments as they’re additionally largely established business gamers with an extended historical past within the enterprise.
Now that you already know which companies rank among the many largest insurance coverage firms on the earth, it’s time to search out out the world’s main reinsurance companies. Take a look at our newest world reinsurance firms rating right here to be taught extra about a few of the largest insurance coverage firms on the earth utilizing a special metric.
Do you have got expertise with the most important insurance coverage firms on the earth that you just wish to share? Chat us up within the remark field beneath.
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