Forbes has released its list of the World’s Biggest Insurance Companies for 2017.
At the top of the risk management heap is
Ping An Insurance Group, one of two Chinese insurers in the top 5. In the past year, the company, which has been led by chief executive Ma Mingzhe since 2001, racked up more than $106 billion in sales, earning $9.5 billion in profits.
Translated into English, the company name means “safe and well.” It is listed on both the Shanghai Stock Exchange and the Hong Kong Stock Exchange. It was also recently named as the world’s most valuable insurance brand whose name equity has been valued at $16 billion.
Allianz comes a close second on the list, clearing $7.6 billion in margins over sales of $115.7 billion. The German firm also holds the 21st place in the Forbes Global 2000 list. Chief executive Oliver Bate has been at the helm of the 147,000 strong firm since 2015. After reporting a 23% rise in profits earlier this year, the company undertook a 3 billion euro share buyback program to fulfil its promise to its investors.
France’s Axa Group comes in third with $6.2 billion in profits from $132 billion sales, according to Forbes. The firm also took the 27th spot in the Forbes Global 2000 list overall. The Paris-based insurance and investment management firm became one of the top three global financial services brands in 2016. In September last year, the firm saw a changing of the guard in its leadership as German Thomas Buberl stepped into the shoes of Henri de Castries, who served as chief executive for 17 years. Change has been good so far. In a March briefing, Buberl reported that company
revenues exceeded 100 billion euros. Not a bad start for someone who doesn’t “try to copy anybody else,” as he told The Telegraph.
In the fourth spot is Japan Post Holdings, which also ranks 45th in the Global 2000 list. The Tokyo based insurer is a state-owned conglomerate that also engages in logistics, banking and other financial services.
Rounding out the top five is another Chinese insurer, China Life Insurance, with a Global 2000 rank of 52. The firm is 70% state owned and has restructured in 2014 to meet the demands of deregulation in its home market, along with the appointment of current chief executive Dairen Lin.
Prudential,
Zurich,
Chubb,
AIA Group and
Munich Re make up the rest of the top 10 of the Forbes list.
Top P& C Insurers on the world’s biggest public company list list were:
# 109 Chubb Switzerland
# 143
Tokio Marine Japan
# 179
Travelers US
# 206 MS&AD Insurance Japan
# 214 Peoples Insurance Co China
# 306
Sompo Japan
# 382 Progressive US
# 552 Samsung Fire & Marine South Korea
# 575
QBE Australia
# 941 Fairfax Financial Canada
# 947 WR
Berkley US
# 970 Arch Capital Bermuda
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