Top 10 insurance companies by index

There are many ways to rank the size of insurance companies. A company can be measured by its market capitalization (the company’s value on the stock exchange) or sales data, such as net premiums or the number of policies sold in a year. Here, we reviewed the top 10 largest insurance companies by market capitalization, market share, and revenue.

Key points

  • Insurance companies are important players in the global financial economy, although they may not be as flashy as investment banks or hedge funds.
  • Insurance companies come in many sizes, focusing on different policy coverage, from health to life to property and casualties.
  • Market value or market value is the value of the company’s issued shares.
  • Some insurance companies are mutually owned, where the policy holder is the owner.
  • When ranking insurance companies, it is important to classify them according to their product lines.

Insurance company with the largest market value

Market value, or market value, is the total value of a company’s stock. It is calculated by multiplying the number of outstanding shares by the current stock price. This is a way to quickly determine the value of a company in the eyes of investors.

Companies with large market capitalizations are usually conservative investments. They may experience steady growth and provide minimal risk. Medium-sized companies have also been established, but they have high growth potential. Finally, small companies are usually new companies with high growth potential. Investing in these companies is the most risky because they are more susceptible to economic downturns than the more mature large and medium-sized companies.

Investors can buy shares of listed companies in the insurance industry. As of July 2021, the non-health insurance companies with the largest market capitalization on the global stock exchanges are:

Non-health insurance company

Company Name Market value
Berkshire Hathaway (United States) $636 billion
Ping An Insurance (China) $166 billion
AIA Group (Hong Kong) US$154 billion
China Life (China) US$114 billion
Allianz (Germany) US$104 billion
Cigna (United States) US$81 billion
AXA (France) $62 billion
Humana (United States) $59 billion
Zurich Insurance (Switzerland) $59 billion
Munich (Germany) $39 billion

Market value data as of July 14, 2021.

Now, for health and management of healthcare companies.

Health Insurance and Managed Healthcare Company

Company Name Market value
United Healthcare (UNH) US$393 billion
CVS (CVS) US$106 billion
National Anthem (ANTM) US$96 billion
Cigna (CI) $80 billion
Centaur (HUM) $59 billion
Centene Corporation (CNC) $43 billion
Molina Healthcare (MOH) $15 billion
Bright Health Group (BHG) US$9.7 billion
Multi-Plan Company (MPLN) US$4.7 billion
Alignment Medical (ALHC) US$4.2 billion

Market value data as of July 14, 2021.

Not all insurance companies are publicly traded. In fact, many insurance companies are structured as mutual companies, in which the policyholders of participating insurance policies are basically part of the owners of the company. The mutual company model of insurance companies can be traced back hundreds of years, and certain benefits enjoyed by policyholders are not available to listed (joint-stock companies) insurance companies.

American Family Insurance is the largest mutual insurance company in the United States

The largest insurance company by sales and product line

When considering the largest insurance company, it is useful to distinguish the type or line of insurance being considered. Using sales data is helpful because some of the largest insurance companies in the United States are not publicly traded, so their market value is not easy to determine.

Property and casualties

Property and accident insurance companies make insurance policies covering properties such as real estate, homes, automobiles, and other vehicles. They also formulate policies to deal with liabilities that may arise from accidents or negligence related to these properties in order to cover the costs of litigation or medical losses caused by such incidents.

In 2020, the top U.S. property and casualty insurance companies in terms of net underwriting premiums (the amount that can be expected to receive non-life insurance policies during the validity period of the contract, minus commissions and costs) are:

company Net written premium
State Farm Group $66.2 billion
Berkshire Hathaway (BRK.A) $46.4 billion
Progressive Insurance Group (PGR) $41.7 billion
Allstate Insurance Group (ALL) $39.2 billion
Free reciprocity $36.2 billion
Traveller Group (TRV) $28.8 billion
American Airlines Group USD 24.6 billion
Chubb (CB) US$24.2 billion
Farmers Insurance Group $20.1 billion
Nationwide $18.5 billion

Life insurance company

The life insurance company promises to pay a lump-sum payment upon the death of the insured. Although actuarial science has created mortality tables to accurately estimate future policy liabilities to be paid, having financial strength ensures that these companies can meet all their obligations while still making profits.

Life insurance companies in the United States can be ranked by direct underwriting premiums (the number of new policies that are directly underwritten without reinsurance). 2020:

company Total direct premium market share
New York Life Group $11.7 billion 6.75%
Northwest Reciprocity $11.3 billion 6.52%
Metropolitan Group (MET) $10.5 billion 6.05%
Prudential (PRU) 10.1 billion USD 5.80%
Lincoln National US$8.4 billion 4.83%
Wantong $7.9 billion 4.57%
State farm $5 billion 2.87%
Aegon (AEG) US$4.9 billion 2.80%
John Hancock US$4.7 billion 2.73%
Minnesota Mutual Aid Group US$4.7 billion 2.70%

Health insurance company

The insurance policy provided by the health insurance company can cover all or part of the health and medical expenses of the policyholder. The insurance policy can be purchased separately or through the employer. Technically speaking, the U.S. government is the largest provider of health insurance in the U.S. through medical insurance programs, social security, and Medicaid administered by the states.

According to the 2020 report of the National Association of Insurance Commissioners (NAIC), the largest non-government-sponsored U.S. health insurance company measured by the total amount of direct premiums collected is:

company Total direct premium market share
Metropolis Group $111.7 billion 11.1%
Prudential (PRU) $63.5 billion 6.3%
Fair holding $62.8 billion 6.2%
United Health Group (UNH) $58.4 billion 5.8%
New York Life US$43.4 billion 4.3%
CVS (CVS) $39.3 billion 3.9%
Wantong $39.2 billion 3.9%
Principal Financial USD 28.5 billion 2.8%
Lincoln National Group $28.2 billion 2.8%
Aegon USD 24.4 billion 2.4%

The health insurance company’s sales data comes from 2018, which is the last year for which data is available.

FAQs of the largest insurance companies

What does the CEO of the largest health insurance company do?

The CEOs of the following six largest health insurance companies have annual revenues of more than $15 million:

  • Centene’s Michael Neidorff earns $26.4 million
  • Cigna’s David Cordani earned $19.1 million
  • David Wichmann of UnitedHealth Group earns $18.9 million
  • Joseph Zubretsky of Molina Healthcare made $18 million
  • Human Bruce Broussard (Bruce Broussard) earns $16.7 million
  • Anthem’s Gail Boudreaux earns $15.5 million

Are large insurance companies a good investment?

For some investors, investing in an insurance company may be a safe choice. Insurance companies are established to deal with risks, which can ultimately reduce the risks associated with investments. Compared with other types of insurance companies, health insurance is changing rapidly and has the potential for significant growth.

Who is the biggest investor in an insurance company?

The largest investors in insurance companies are usually other institutions. For example, United Health Group (UNH) has 4,124 institutional owners and holds more than 1 billion shares.

What are the largest homeowners insurance companies in the United States?

The five largest homeowners insurance companies in the United States are State Farm, Allstate, USAA, Liberty Mutual and Farmers. Together, these companies have more than 45% of the homeowner insurance market share.

What are the largest insurance companies in Canada?

The five largest insurance companies in Canada are Manulife Financial Corporation, Great-West Lifeco, Desjardins, Sun Life Financial and Fairfax Financial. Manulife is Canada’s largest insurance company, with more than 35,000 employees and serving more than 30 million customers.

Bottom line

There are many ways to rank the largest insurance companies. You can buy the stocks of listed companies to help build a diversified investment portfolio to get involved in the financial and healthcare industries. Determining which types of insurance a company mainly operates can help determine which companies are competitors and which are not. Looking at sales data or the premiums charged during the year, one can also see how public companies compare with private or joint companies that make up a large part of the industry.

InvestingClue does not provide investment or financial advice. The information provided does not take into account the investment objectives, risk tolerance or financial situation of any particular investor, and may not be suitable for all investors. Past performance does not predict future results. Investment involves risks, including possible loss of principal.

InvestingClue requires authors to use major resources to support their work. These include white papers, government data, original reports, and interviews with industry experts. We will also refer to original research by other well-known publishers where appropriate. You can learn more about the standards we follow in producing accurate and fair content on our website.
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  2. Insurance company “List of American Mutual Insurance Companies”. Visited on July 14, 2021.

  3. Insurance Information Institute. “Facts + Statistics: Ranking of Insurance Companies.” Interview on July 14, 2021.

  4. North American International Chamber of Commerce. “The top 25 groups and companies in the life and association insurance industry in terms of national premiums in 2020”, p. 1. Visited on July 14, 2021.

  5. National Association of Insurance Commissioners. “Life/Brothers Market Share Report”, page 3. Visited on July 14, 2021.

  6. Besque Hospital reviews. “The salaries of these six health insurance CEOs are all over 15 million U.S. dollars.” July 14, 2021 interview.

  7. Fintel. “UNH Institutional Ownership-UnitedHealth Group Inc.” Visited July 14, 2021.

  8. insurance. “The 10 largest home insurance companies: consumer reviews, rates (2021).” Visited July 14, 2021.

  9. ADV rating. “Canada’s top insurance company.” Visited on July 14, 2021.

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