UnitedHealth Group and Allianz SE Maintain Top Spots on AM Best’s Largest Insurer Rankings

UnitedHealth Group Incorporated held onto the top spot in AM Best’s ranking of the world’s 25 largest insurance companies for an ninth straight year, growing net premiums written (NPW) by 14% in 2022 to $257.2 billion. In addition, Allianz SE remained in its top spot by nonbanking assets, at $1.1 trillion, despite a 10% drop from the previous year.

AM Best released the rankings of the world’s largest global insurance companies, by NPW and nonbanking assets, in the January 2024 issue of Best's Review, available now. The two rankings are based on BestLink data and additional research.

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 13.2%, while No. 3 Elevance Health Inc. also kept its position as NPW rose 13.5%. Kaiser Foundation Group of Health Plans moved up to No. 4, while Ping An Insurance (Group) Company of China Ltd. stayed at No. 5. China life Insurance (Group) Co. was the only insurer in the top 25 ranking to see its NPW fall, down 0.7%, as it fell to sixth place from No. 4.

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, with seven of the top 10 insurers providing life products. Ping An insurance (Group) Company of China Ltd. surged to second behind Allianz SE from fourth place as its assets rose 11.4% to $960.7 billion in 2022. Berkshire Hathaway Inc. slipped to No. 3 from No. 2 in the previous ranking, while China Life Insurance (Group) Company rose to fourth from fifth place and AXA S.A. was ranked No. 5. Prudential Financial Inc., fell to No. 6 from No. 3, as its assets dropped by 26.4%.

The top 10 global insurers ranked by 2022 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. Ping An Insurance (Group) Company of China Ltd., China
6. China Life Insurance (Group) Company, China
7. AXA S.A., France
8. Allianz SE, Germany
9. Humana Inc., United States
10. State Farm Group, United States

The top 10 global insurers ranked by 2022 non-banking assets are as follows:

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