BIGGEST INSURANCE COMPANIES IN 2023: Top Companies in the World, Us, UK & Canada

Insurance companies help people, businesses, and other organizations handle their risks. Even though there are a lot of different kinds of insurance companies, protection promises that the insured will get paid or reimbursed if they lose something. Further in this article, we will learn about the biggest insurance companies in the US, UK, Canada, and around the world.

Biggest Insurance Companies

Insurance companies provide insurance that covers losses connected to accidents, health, property, homeownership, professional liability, malpractice, and casualties, among other things. Here are the biggest insurance companies:

#1. Berkshire Hathaway (BRK.B)

Revenue: $253.9 billion
Net Income: -$1.3 billion
Market Cap: $663.6 billion
1-Year Trailing Total Return: 4.3%
Exchange: New York Stock Exchange

Berkshire Hathaway Inc. is a large conglomerate and one of the biggest insurance companies in the country. It also has investments in rail transportation, utilities, energy, manufacturing, services, and shopping.

Berkshire offers primary insurance as well as reinsurance for property and casualty risks through companies like GEICO, Berkshire Hathaway GUARD Insurance Companies, Gateway Underwriters Agency, General Re, and National Indemnity Company.

#2. Ping An Insurance (Group) Co. of China Ltd. (PNGAY)

Revenue: $156.2 billion
Net Income: $14.7 billion
Market Cap: $114.8 billion
1-Year Trailing Total Return: -7.5%
Exchange: OTC Markets

Insurance, business services, and banking are all things that Ping An Insurance offers. On the Shanghai Stock Exchange, it is one of the top 50 companies. However, It was the first joint-stock insurance company in China. It was started in 1988. Also, Ping An Life, Ping An Property & Casualty, Ping An Annuity, and Ping An Health are some of its companies.

#3. Allianz SE (ALIZY)

Revenue: $137.4 billion
Net Income: $7.8 billion
Market Cap: $85.3 billion
1-Year Trailing Total Return: -1.85%
Exchange: OTC Markets

Allianz is a world leader in financial services, with goods and services ranging from insurance to managing assets. It is one of the biggest insurance companies that sell insurance goods like property and casualty policies, health insurance, and life insurance to both businesses and individuals. Moreover, The company’s headquarters are in Germany.

#4. AXA SA (AXAHY)

Revenue: $107.6 billion
Net Income: $8.2 billion
Market Cap: $64.6 billion
1-Year Trailing Total Return: 5.8%
Exchange: OTC Markets

One of the largest insurance providers worldwide is AXA. It has big businesses in property and accident insurance, life insurance, savings, and managing assets. In the 1990s, a number of insurance companies came together to form AXA.

#5. MetLife (MET)

Revenue: $71.6 billion
Net Income: $2.4 billion
Market Cap: $56.3 billion
1-Year Trailing Total Return: 26.2%
Exchange: New York Stock Exchange

This is one of the biggest companies in the world that offers insurance, annuities, and employee benefit plans. MetLife has strong positions in the markets of the United States, Japan, Latin America, Asia, Europe, the Middle East, and Africa, thanks to its many subsidiaries and affiliates.

#6. Prudential PLC (PUK)

Revenue: $63.5 billion
Net Income: 328 million
Market Cap: $36.2 billion
1-Year Trailing Total Return: 1.2%
Exchange: New York Stock Exchange

Prudential PLC is an insurance and business services company based in London. It offers policies for life, health, accidents, property, and casualty, as well as pensions, equity plans, mortgages, and other financial services. Prudential also serves customers in all of the big markets around the world.

Biggest Insurance Companies in US

Based on their market capitalization, here is a list of the biggest publicly traded insurance companies in the country. However, read on to find out which insurance companies are the biggest in the US.

#1. The UnitedHealth Group

Headquarters location: Indianapolis, Indiana
Market capitalization: $111.37 billion
Underwriting expertise: Health insurance

UnitedHealth Group is the biggest insurance company in the United States based on market capitalization. Besides, it provides medical and dental benefits to 7.5 million clients in 150 countries by drawing on a strong pool of 85,000 doctors and nurses.

#2. Health Elevance

Headquarters location: Indianapolis, Indiana
Market capitalization: $111.37 billion
Underwriting expertise: Health insurance

Elevance Health used to be called Anthem, but in June 2022, it changed its name to what it is now. Obviously, It is the Blue Cross Blue Shield Association’s largest for-profit healthcare company. Also, It has a network of 1.7 million doctors and hospitals that serve over 32 million clients.

Additionally, Elevance has a variety of health options that cover medical care, dental care, and eye care. Also, individuals, companies, and their families can get these services through the company’s subsidiaries, Anthem Blue Cross Blue Shield and Wellpoint.

Biggest Insurance Companies in the World

Let’s take a look at the biggest insurance companies dominating the world.

#1. Japan Post Holdings

Revenue of the company (in millions): 100,278
Profits of the company (in millions): 4,466
Total assets of the company (in millions): 2,502,652
Total employees of the company: 232,112

Japan Post Holdings is one of the largest companies in Japan, and it is also one of the biggest insurance companies in the world. In 2005, the company went public on the Japanese stock exchange. There have been some efforts to privatize it, but the process has been very slow.

#2. Nippon Life Insurance

Revenue of the company (in millions): 74,392
Profits of the company (in millions): 3,087
Total assets of the company (in millions): 727,963
Total employees of the company: 92,737

Nippon Life Insurance, which is among the second biggest insurance companies in Japan and the world, was praised for making it easier for people to get insurance claims and benefits in cases linked to COVID-19, like deaths caused by the virus, as well as for getting treatments at home.

#3. GEICO

Estimated Market Value: $56.2 billion
Annual 2021 revenue: $37.5 billion

The Government Employees Insurance Company, or GEICO, is an American private car insurance company that has been around since 1936. As of January 2023, at this time, it was the third-largest car insurance company in the United States. GEICO’s first customers were people in the military and people who worked for the government of the United States. Also, GEICO’s goods and services are now available to a wide range of customers, including people who work in the private sector. However, in 1996, Berkshire Hathaway Inc. acquired GEICO.

Biggest Insurance Companies in the UK

Obviously, the UK has the largest insurance market in Europe and the third biggest in the world. According to the most recent data from the business, insurers in the UK manage investments worth more than £2 trillion. So, read on to find out which insurance companies have the biggest market capitalization in the UK.

#1. Aon

Head office location: London, England
Market cap: $62.15 billion (£51.5 billion)
Business lines: Commercial re/insurance, insurance-linked securities

Aon Plc is among the biggest insurance companies in the UK. It has operations in more than 120 countries and territories and employs more than 60,000 people around the world. The company is on the stock market, and it focuses on business insurance, reinsurance, and insurance-linked securities.

#2. WTW

Head office location: London, England
Market cap: $25.05 billion (£20.75 billion)
Business lines: Investment, risk advisory, and reinsurance

In 2022, the company changed its name from Willis Towers Watson to WTW, ending almost 200 years of history for the names of its parent businesses. It also changed its ticker, which had been WLTW since 2016. The new ticker is WTW. In his announcement, CEO Carl Hess stated that these improvements “reflect the clarity and actionable solutions we bring to today’s challenges.”

The Risk Unit of WTW is in charge of its insurance services. It offers the following services:

Affinity insurance solutions
Reporting, keeping track of, and fighting for claims
Climate risk management
Cyber risk management
ESG and sustainability
Consulting and technology for insurance
Investment ideas
Managing personal risks and getting insurance
Reputational risk management
Retiring ideas
Risk analysis

The company also does business in two other ways. These are as follows:

People: Focuses on keeping employees happy, rewarding them, and recognizing them.
Capital: Handles complicated risks

#3. Aviva

Head office location: London, England
Market cap: $14.79 billion (£12.25 billion)
Business lines: auto, home, life, and health insurance, as well as investment and retirement options.

Aviva is one of the biggest insurance companies in the UK. It serves more than 33 million clients around the world with insurance, investment, and retirement goods and services. It has offices in more than a dozen countries and employs more than 31,000 people. The UK, China, and Canada are all big insurance markets. Since 2020, Amanda Blanc has been the CEO of a huge insurance company.

Aviva is divided into five business divisions:

General Insurance

offers products to help people and businesses protect their assets. Home, car, pet, travel, storm, and cyber insurance are some of these options.

UK Life

offers annuities, equity release, health, and protection solutions to individuals and businesses in order to help them support the physical, mental, and financial wellness of their workforce.

Europe Life

provides insurance, savings, investment, and protection solutions to individuals who want to plan for the future and protect themselves from unforeseen catastrophes.

Asia Life

offers clients who need insurance and savings goods and services that will help them grow and bring in money.

Investing, Saving, and Retirement

bring together Aviva’s global asset managers and investors with its modern UK workplace and platform savings business to help clients save enough for retirement. This is also the first business in the country to offer both retirement and savings plans.

Biggest Insurance Companies Canada

Based on their annual sales, here are the five biggest insurance companies in Canada:

#1. Manulife Financial Corp.

Manulife Banking (MFC) is Canada’s biggest insurance company and also provides banking services. The company is based in Toronto and made $61 billion Canadian ($47 billion U.S.) in sales in 2019. This money came from insurance premiums and money made from investing those premiums.

Through its John Hancock division, Manulife does business in the US, Canada, Asia, and Europe. By the end of 2019, the company had nearly 98,000 workers and about 38,000 employees. Assets that Manulife was in charge of were worth $1.2 trillion Canadian ($920 billion U.S.).

#2. Great-West Lifeco

Great-West Lifeco, Inc. is a Canadian business that helps people with their finances. It acts as a holding company for six businesses that sell insurance to people in North America, Europe, and Asia. Great-West Lifeco sells many different kinds of insurance, such as health, life, and disability insurance.

By the end of 2019, the company would have about 24,000 employees and 30 million customer interactions with advisors. Great West is in charge of assets worth $772 billion Canadian ($594 billion U.S.). Great West made almost $50 billion Canadian ($38 billion U.S.) in sales in 2019. This money came from insurance premiums, deposits, and income from investments like dividends.

What Is the Richest Insurance Company in the World?

Insurance Business says that UnitedHealth Group will have the largest market capitalization of any insurance company in the world in 2023. Five of the 10 biggest insurance companies are based in the United States. UnitedHealth Group: 459 billion dollars.

How Does Insurance Work?

Insurance is a tool for risk management. When you buy insurance, you buy safety against financial losses that come out of the blue. If something terrible arises for you, the insurance provider will compensate you or someone you pick. Getting into a crash without insurance could mean you have to pay for everything.

Which Is the Oldest Insurance Company in the World?

In 1710, Charles Povey started the Sun, which is the oldest insurance company that is still in business. The Royal and Sun Alliance Group came from it.

Who Founded Insurance?

In the early 1800s, people bought the first life insurance plans. The Amicable Society for a Perpetual Assurance Office was the first company to offer life insurance. William Talbot and Sir Thomas Allen set it up in London in 1706.

Who Owned Insurance Companies?

The most important difference between insurance companies is whether they are stock insurance companies, which are owned by stockholders, or mutual insurance companies, which are nonprofit businesses owned by policyholders.