UnitedHealth Group and Allianz Retain Top Spots in AM Best’s World’s Largest Insurer Ranking

OLDWICK, N.J.--(BUSINESS WIRE)--UnitedHealth Group Incorporated occupied the top spot in AM Best’s ranking of the world’s 25 largest insurance companies for a seventh straight year, with $201.5 billion in net premiums written (NPW) in 2020. In addition, Allianz SE and AXA S.A. occupied the No. 1 and No. 2 spots, respectively, in AM Best’s ranking by 2020 non-banking assets.

AM Best released the rankings of the world’s largest global insurance companies, by NPW and non-banking assets, in the Jan. 3, 2022, issue of BestWeek. The two rankings are based on BestLink data and additional research. Overall, two major Chinese insurers saw big gains in the ranking by assets, with Ping An Insurance (Group) Company of China Ltd. and China Life Insurance (Group) Co. Ltd. improving on their Top 10 rankings from a year ago.

U.S. health insurers dominated the ranking by NPW, as membership gains in government programs played a heavy role in creating premium growth at these companies. In particular, Centene Corp. rose to fourth place from 10th as its NPW grew year over year by nearly 50%, boosted by its acquisition of WellCare Health Plans in early 2020. Additionally, three other U.S.-based health insurers also saw double-digit NPW growth.

The top 10 global insurers ranked by 2020 NPW are as follows:

1. UnitedHealth Group Incorporated, United States
2. Ping An Insurance (Group) Company of China Ltd., China
3. China Life Insurance (Group) Company, China
4. Centene Corporation, United States
5. Anthem, Inc., United States
6. Kaiser Foundation Group of Health Plans, United States
7. AXA S.A., France
8. Allianz SE, Germany
9. People’s Insurance Company (Group) of China Ltd., China
10. Assicurazioni Generali S.p.A., Italy

The top 10 global insurers ranked by 2020 non-banking assets are as follows:

1. Allianz SE, Germany
2. AXA S.A., France
3. Prudential Financial Inc., United States
4. Ping An Insurance (Group) Company of China Ltd., China
5. Berkshire Hathaway Inc., United States
6. MetLife Inc., United States
7. Nippon Life Insurance Company, Japan
8. China Life Insurance (Group) Company, China
9. Legal & General Group plc, United Kingdom
10. Manulife Financial Corporation, Canada

BestWeek is published weekly by AM Best for insurance professionals, and is available as part of a subscription to the Best’s News & Research service. More information about the Best’s News & Research subscription service is available at http://www.ambest.com/sales/insurancenewsandresearch.asp, or by contacting AM Best Customer Service at [phone], ext. 5742, or [phone] when calling from the United States and Canada.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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