UnitedHealth Group has retained its number-one slot in AM Best’s ranking of the world’s 25 largest insurance companies for the ninth straight year, according to the credit rating agency. UnitedHealth grew its net premiums written (NPW) by 14% in 2022 to US$257.2 billion.
Meanwhile, Allianz SE retained its top spot for nonbanking assets at US$1.1 trillion, despite a 10% decrease from the previous year, AM Best reported.
The rankings of the world’s largest global insurance companies, by both NPW and nonbanking assets, were released in the January 2024 issue of Best’s Review.
According to AM Best, the top 10 insurers by NPW were dominated by health insurers, with US-based health companies accounting for four of the top five. Centene Health retained its number-two position, with NPW rising 13.2%. Elevance Health, at number three, also retained its position with NPW rising 13.5%. Kaiser Foundation Group of Health Plans rose to number four, while Ping An Insurance (Group) Company of China held steady at number five. The only insurer in the top 25 that saw its NPW fall was China Life Insurance (Group) Co., which slid from fourth to sixth place.
Life insurers dominated the top 25 by nonbanking assets, with seven of the top 10 providing life insurance products. Ping An rose from fourth to second place as its assets spiked 11.4% to US$960.7 billion in 2022. Berkshire Hathaway fell from number two to number three, while China Life Insurance (Group) Company rose from fifth to fourth place. AXA S.A. took the number-five slot, while Prudential Financial fell from number three to number six as its assets tumbled by 26.4%.
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