TOP 25 Largest Insurance Companies in the World by Assets – 2024

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

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.

World’s Largest Insurers: Total Assets

The rankings and growth rates of the top five global insurance companies highlight the dynamic and evolving nature of the insurance industry.

Companies that effectively use technology, adapt to market changes, and manage their assets strategically are likely to continue leading in both assets and growth.

• 1 // Allianz, headquartered in Germany, stands as the largest insurance company in the world by assets. With a staggering $1.05 trillion in assets, Allianz has maintained its position at the top despite experiencing a 10.6% decrease in assets. This decline could be attributed to various market conditions and strategic adjustments, but Allianz’s dominance underscores its robust operational framework and extensive global reach.
• 2 // Ping An Insurance Group of China is not only a giant in terms of assets, boasting nearly $961 bn, but it also leads in growth with an 11.4% increase. This growth reflects Ping An’s aggressive expansion strategy and its innovative integration of technology in insurance and financial services. The company’s focus on digital transformation and customer-centric services has propelled its rapid ascent in the global market.
• 3 // Berkshire Hathaway, led by Warren Buffett, holds the third position with assets totaling approximately $948 bn. The slight decrease of 1.1% in assets suggests a period of consolidation and careful investment strategies. Known for its diverse portfolio and strong financial backing, Berkshire Hathaway continues to be a powerhouse in the insurance sector, providing a range of insurance and financial products.
• 4 // China Life Insurance Group ranks fourth globally, with assets amounting to $885 bn. The company has achieved a notable growth rate of 6.8%, reflecting its strong market presence and effective management strategies in the rapidly growing Chinese market. China Life’s expansion in life insurance and health insurance sectors has been pivotal in driving its growth.
• 5 // AXA, based in France, is another major player in the global insurance market, with assets worth over $713 bn. Despite a 10.5% decline in assets, AXA remains a critical entity in the industry, known for its comprehensive range of insurance products including life, health, and property insurance. AXA’s strategic initiatives and strong market presence in Europe and other regions continue to underpin its substantial asset base.

TOP 25 Insurance Companies by Assets

Each bar represents a different insurer, and the bars are colored differently to distinguish them. The values on top of the bars represent the total assets in million dollars for each company.

Total assets of Largest Insurance companies

Proportion of insurers total assets

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 changes

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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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).