TOP 25 Largest Insurance Companies in Worldwide by Total Assets

TOP 25 Largest Insurance Companies in Worldwide are lists of the insurers in the world, as measured by total non-banking assets. The list is based on the 2024 report of the 25 largest insurance companies in the world by total assets from AM Best Rating Agency.

Total assets as reported ideclined by 5.5% to $40 trillion and total liabilities declined by 5.8% to $35 trillion. Key drivers behind the decline in total assets are declines in equity prices and widened credit spreads on corporate and sovereign debt. Declines in liabilities were mainly driven by increased interest rates, according to the IAIS’ Global Insurance Market report.

Comparing developments in emerging markets and developing economies (EMDEs) to advanced economies (AE), EMDEs have seen several consecutive years of growth in total assets, including from year-end 2022 to year-end 2023 (+8.1%).

In contrast, AEs have seen a decline in the last year (–7.2%) after two consecutive years of growth. A similar trend is observed for total liabilities.

TOP World’s 25 Insurers by Total Assets, $ bn

CompanyCountryTotal assets, $ bn
1Allianz Germany1,261.9
2Axa France950.6
3Prudential Financial United States940.7
4Ping An Insurance China883.9
5Berkshire Hathaway United States773.7
6MetLife United States795.1
7Nippon Life Japan776.7
8China Life Insurance China776.4
9Legal & General United Kingdom774.8
10Manulife Financial Canada688.8
11Assicurazioni Generali Italy669.1
12Aviva United Kingdom651.6
13Japan Post Insurance Japan636.8
14AIG United States586.5
15Dai-ichi Life Japan577.1
16Aegon N.V. Netherlands546.5
17CNP Assurances France543.7
18Credit Africole Assaurances France536.8
19JA Kyosai Japan531.6
20Life Insurance Corporation India520.5
21Prudential plc United Kingdom516.1
22Great-West Lifeco Canada469.8
23Zurich Insurance Group Switzerland439.3
24Meiji Yasuda Life Japan417.2
25New York Life Insurance United States414.3

Source: AM Best

Total assets of Largest Insurance companies

Total assets of Largest Insurance companies
Source: Beinsure.com

The bar chart showing the total assets of the insurance companies you mentioned, with each company represented in a different color.

Proportion of insurers total assets

Proportion of insurers total assets
Source: Beinsure.com

The pie chart displaying the proportion of total assets each company holds relative to the total. Each slice represents a company’s share, with different colors enhancing the distinction between them.

Total insurers assets by years

Total insurers assets
Source: International Association of Insurance Supervisors

Total insurers assets changes

Total insurers assets changes
Source: International Association of Insurance Supervisors

The insurers’ assets are still mostly composed of fixed-income investments, notably corporate debt (27% of total general account, or GA, assets), sovereign debt (22%) and loans and mortgages (L&M) (6%). The second largest asset class is equities (11%).

On aggregate, liabilities were mostly composed of gross technical provisions for life insurance (54%), gross technical provisions for non-life insurance (13%) and gross technical provisions for unit-linked insurance (9%).

The overall amount of borrowing remained limited at 3%, showing no change compared with the previous year.

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Fact-checked by Oleg Parashchak – Editor-in-Chief Beinsure Media, CEO Finance Media Holding