Head workplace location: Minnesota, USA
Market cap: $459.05 billion
Enterprise line: Medical insurance
UnitedHealth Group is a diversified well being and well-being firm primarily based in Minneapolis. The medical health insurance large serves purchasers and shoppers within the US and over 130 different international locations by means of two distinct platforms, specifically:
- UnitedHealthcare: The agency’s insurance coverage arm offers healthcare protection and advantages by means of its community of greater than 1.3 million physicians and healthcare professionals and 6,500 hospitals.
- Optum: Its tech unit provides data and technology-enabled well being providers.
Not solely are they the biggest insurance coverage firm on this planet primarily based on market cap however UnitedHealth additionally boasts a workforce that features 85,000 nurses and physicians centered on serving to folks stay more healthy lives. It additionally invests almost $3.5 billion in expertise 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 without doubt one of the largest insurance coverage firms on this planet, catering to greater than 220 million purchasers and almost 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 by means of 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 good private assistant known as AskBob. This instrument offers brokers with numerous sales-enabling prompts to assist them enhance gross sales conversions and be extra productive. The instrument 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 improvement and enhance its service system:
- Its Ping An Auto Proprietor app, as an illustration, has greater than 25 million month-to-month lively 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 all the claims-processing system from claims submission, prompt 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 biggest pan-Asian life insurance coverage group. It provides monetary providers 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 choice of insurance coverage merchandise consists of:
- Accident safety insurance coverage
- Medical insurance
- Life insurance coverage
- Medical insurance coverage
- Retirement insurance coverage
AIA additionally offers worker advantages and pension providers to company purchasers to cowl staff’ well being, revenue safety, and retirement wants. The corporate employs specialists in every nation who’re answerable for delivering providers 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 without doubt one of 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 this planet, 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 offers particular person and group accident and short-term medical health insurance insurance policies and providers.
Head workplace location: Indiana, USA
Market cap: $113.69 billion
Enterprise line: Medical insurance
Elevance Well being offers 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 by means of its affiliated firms Anthem Blue Cross and Blue Protect and Wellpoint.
Elevance Well being is the biggest for-profit managed healthcare firm within the Blue Cross Blue Protect Affiliation. It boasts a community of 1.7 million docs 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 often 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 providers through a number of manufacturers and subsidiaries to greater than 126 million clients in over 70 international locations. It additionally employs greater than 155,000 folks worldwide.
Other than Allianz, which is among the many largest insurance coverage firms on this planet, among the many group’s high manufacturers are:
- Euler Hermes: A credit score insurance coverage firm that gives a variety of bonding, ensures and collections providers for the administration of business-to-business (B2B) commerce receivables.
- Pacific Funding Administration Firm (PIMCO): One of many world’s main mounted revenue funding managers.
- Allianz International Company & Specialty (AGCS): A worldwide insurer centered on enterprise insurance coverage and huge company and specialty dangers. It has a worldwide community in additional than 210 international locations and covers a variety of sectors and providers.
Head workplace location: Connecticut, USA
Market cap: $87.33 billion
Enterprise line: Medical insurance
Cigna’s numerous 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 clients in additional than 30 international locations.
Cigna provides well being and wellness services by means of its two items:
- Cigna Healthcare: A well being advantages supplier centered on serving to clients enhance their well being by means of each stage of life.
- Evernorth Well being Providers: Gives pharmaceutical, care, and advantages merchandise designed to enhance well being, enhance vitality, and make the therapy 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 folks worldwide and has operations in over 50 international locations and territories. The trade behemoth’s spectacular portfolio of insurance coverage merchandise spans a wide range of traces, from industrial P&C insurance coverage merchandise for companies of all sizes to non-public traces. The latter contains:
- Car insurance coverage
- Owners 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 – akin 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 motorbike/specialty RV insurers within the nation. Progressive writes over 13 million auto insurance coverage insurance policies every year.
Though greatest recognized for its auto insurance coverage merchandise, Progressive additionally provides a spread of coverages for private and industrial dangers. Its portfolio contains:
- Rental insurance coverage
- Boat insurance coverage
- Pet insurance coverage
- House insurance coverage
- Renters’ insurance coverage
- Life insurance coverage
- Industrial insurance coverage
- Insurance coverage bundles
Progressive promote their insurance coverage insurance policies on to shoppers or through a community of unbiased brokers. Its company enterprise distributes merchandise by means of greater than 30,000 unbiased insurance coverage businesses throughout the US.
Progressive can be credited as the primary main auto insurer firms on this planet to launch an internet site, little question being a part of their push to turn into one of many largest insurance coverage firms on this planet. In what was then a revolutionary transfer, the insurance coverage firm launched its web site in 1995. By 1996, they even gave shoppers the flexibility to match insurance coverage charges on-line. A yr later, Progressive purchasers have 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
- Charge ticker – a web-based comparability instrument
- Impartial agent locator
- Chatbots
- An prompt quoting service
Head workplace location: New York, USA
Market cap: $81.07 billion
Enterprise traces: Insurance coverage broking and threat administration
Marsh McLennan Corporations (MMC) is an expert providers agency that’s behind a few of the largest insurance coverage firms on this planet, together with:
- Marsh: An insurance coverage brokerage and threat administration large, with workplaces everywhere in the world. Marsh has been credited with advising round 95% of Fortune 1000 firms.
- Man Carpenter: Gives reinsurance broking experience, whereas additionally providing strategic advisory providers and analytics to shoppers.
MMC can be the dad or mum firm of main consulting gamers Oliver Wyman – a world administration consulting agency – and Mercer – a human sources consulting firm.
The desk under exhibits the remainder of the 20 largest insurance coverage firms on this planet by market cap.
The market cap information was pulled from this web site. Additionally known as market cap, market capitalization is the whole 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.
Traders usually use market capitalization to find out an organization’s measurement quite than its gross sales or whole belongings. The determine can be used to judge an organization’s monetary efficiency towards different companies of assorted sizes.
Figuring out a agency’s market cap is necessary, 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 trade gamers with an extended historical past within the enterprise.
Now that you understand which companies rank among the many largest insurance coverage firms on this planet, it’s time to seek out out the world’s main reinsurance companies. Try our newest world reinsurance firms rating right here to study extra about a few of the largest insurance coverage firms on this planet utilizing a unique metric.
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