Allianz SE, UnitedHealth Group Hold Onto Top Spots on AM Best’s Largest Insurer Rankings

OLDWICK, N.J.--(BUSINESS WIRE)--Allianz SE remained in its top spot in AM Best’s ranking of the world’s 25 largest insurance companies by nonbanking assets for a fifth straight year, at $1.09 trillion, while UnitedHealth Group Incorporated held onto its top spot by net premiums written (NPW) for a 10^th straight year, growing NPW by 13% in 2023 to $290.8 billion.

AM Best released the rankings of the world’s largest global insurance companies, by nonbanking assets and NPW, in the January 2025 issue of Best's Review, available now. The two rankings are based on BestLink data and additional research.

Despite some re-shuffling at the top of AM Best’s annual ranking of the top 25 insurers by net nonbanking assets, life insurers still dominated. No. 2-ranked Berkshire Hathaway Inc. moved up one spot as its net non-banking assets rose by 12.8% to $1.07 trillion. China Life Insurance (Group) Co. moved to third from fourth place with assets of $957.8 billion, up 10.5%. Rounding out the top five was Prudential Financial Inc., up one spot from the previous ranking. Most Japan-based insurers in the ranking dropped down due to the depreciation of the yen against the U.S. dollar, even as all but Japan Post Insurance Company. Ltd. saw year-over-year asset growth.

The top 10 insurers by NPW were again dominated by health insurers, as four of the top five insurers were U.S.-based health companies. No. 2 Centene Corporation retained its position as its NPW rose nearly 10%, while No. 3 Elevance Health Inc. also kept its position as NPW rose 7.25%. Kaiser Foundation Group of Health Plans stayed at No. 4, while China Life Insurance (Group) Co. moved up into the top five. Ping An Insurance (Group) Company of China Ltd. fell to No. 11 from No. 5 in last year’s ranking as its NPW slid by 30%.

The top 10 global insurers ranked by 2023 non-banking assets are as follows:

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

The top 10 global insurers ranked by 2023 NPW are as follows:

1. UnitedHealth Group Incorporated, United States
2. Centene Corporation, United States
3. Elevance Health, Inc., United States
4. Kaiser Foundation Group of Health Plans, United States
5. China Life Insurance (Group) Company, China
6. Humana Inc., United States
7. State Farm Group, United States
8. Allianz SE, Germany
9. Berkshire Hathaway Inc., United States
10. AXA S.A., France

Best’s Review is AM Best’s monthly insurance magazine, covering emerging issues and trends and evaluating their impact on the marketplace. For additional coverage of these rankings, as well as the 2025 edition of the Guide to Understanding the Insurance Industry, please see the Best's Review site or visit the online edition at https://bestsreview.ambest.com/edition/2025/January/.

Best's Review also is available as part of a subscription to Best’s News & Research Service. To order by phone, contact Customer Service at [phone] when calling from the United States and Canada; or [phone] from EMEA or Asia Pacific. Additional information is on BestLink also is available.

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 New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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