The 2024 edition Forbes Global highlights largest insurance companies’ decline in the annual ranking of the world’s top companies.
Forbes Global ranks the largest companies in the world using four metrics: sales, profits, assets, and market value.
Market turbulence has pushed down the minimum market value to be considered for the 2024 list to $8.3 bn compared to $7.8 bn in 2023, but the minimum for all other metrics is up over last year.
As a group, the companies on the 2024 account for $47.6 trln in revenues, $5 trln in profits, $233.7 trln in assets and $76.5 trln in market cap. There are 60 countries represented on the 2024 list. The United States has the most with 590 companies, followed by China/Hong Kong (351) and Japan (196).
TOP 25 Global Insurers by Forbes
№ | Insurers | Country | Assets, mn$ | Change, % |
1 | Allianz | Germany | 1,050,762 | -10.6 |
2 | Ping An Ins (Group) Co of China | China | 960,678 | 11.4 |
3 | Berkshire Hathaway | United States | 948,452 | -1.1 |
4 | China Life Ins (Group) Co | China | 885,019 | 6.8 |
5 | AXA | France | 713,622 | -10.5 |
6 | Prudential | United States | 689,917 | -26.4 |
7 | MetLife | United States | 666,611 | -12.3 |
8 | Nippon Life Ins Co | Japan | 660,498 | -0.9 |
9 | Manulife Finl Corp | Canada | 626,832 | -7.5 |
10 | Legal & Gen Group | United Kingdom | 619,092 | -11.9 |
11 | Assicurazioni Generali | Italy | 554,201 | -11.5 |
12 | Life Ins Corp of India | India | 553,797 | 7.6 |
13 | Amer Intl Group | United States | 526,634 | -11.7 |
14 | Great-West Lifeco | Canada | 517,933 | 11.3 |
15 | CNP Assurances | France | 482,853 | -6.4 |
16 | Japan Post Ins | Japan | 472,687 | -6.7 |
17 | Dai-ichi Life Hldgs | Japan | 464,329 | -6.5 |
18 | Natl Mut Ins Fed Agricultural Coop | Japan | 438,835 | -0.9 |
19 | Crédit Agricole Assurances | France | 437,112 | -7.8 |
20 | Aegon | Bermuda | 428,087 | -14.5 |
21 | New York Life Group | United States | 405,318 | 3.2 |
22 | Aviva plc | United Kingdom | 380,321 | -12.0 |
23 | Zurich Ins Group | Switzerland | 377,782 | -13.3 |
24 | Meiji Yasuda Life | Japan | 367,834 | 1.2 |
25 | TIAA Group | United States | 365,300 | 1.4 |
This table provides an overview of the leading global insurance companies based on their assets and recent changes in their valuations.
Munich Re (reinsurer) and Berkshire (ranked in the “investment and services” category) do not ap-pear in the Forbes ranking of insurers.
FAQ
Forbes Global ranks companies based on four metrics: sales, profits, assets, and market value. These factors collectively assess each company’s financial strength and market position.
Market turbulence raised the minimum requirements for most metrics, except for market value, which decreased to $8.3 bn, down from $7.8 bn in 2023. This shift highlights the impact of economic volatility on market valuations.
The United States leads with 590 companies on the list, followed by China/Hong Kong with 351, and Japan with 196. In total, companies from 60 countries are represented in the rankings.
Forbes categorizes Berkshire Hathaway in the “investment and services” category and Munich Re as a reinsurer. Therefore, they do not appear in the insurer-specific rankings.
Top insurers like Allianz, Ping An, and Berkshire Hathaway experienced mixed changes in asset valuation. While Ping An saw an 11.4% increase, others like Allianz saw declines due to various economic factors impacting their valuation.
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Edited & Fact-checked by Oleg Parashchak – CEO Finance Media & Editor-in-Chief at Beinsure Media and Insurance TOP Ratings (23+ years of professional experience in Rankings, Insurance & Media) by Forbes.