Global insurer Allianz SE and US-based UnitedHealth Group Incorporated have once again secured top positions in AM Best’s annual rankings of the world’s largest insurance companies.
Allianz SE held its position as the largest insurer by nonbanking assets for the fifth consecutive year, reporting $1.09 trillion in assets. UnitedHealth Group led in net premiums written (NPW) for the 10th straight year, with a 13% increase in 2023, reaching $290.8 billion.
The 2025 rankings, detailed in the January issue of Best’s Review, reflect a consistent dominance by life insurers among the top 25 companies in terms of nonbanking assets. Berkshire Hathaway Inc. climbed to the second spot, experiencing a 12.8% asset growth to $1.07 trillion, while China Life Insurance (Group) Co. moved to third place with a 10.5% increase, totalling $957.8 billion. Rounding out the top five were Ping An Insurance (Group) Company of China Ltd. and Prudential Financial Inc.
Japanese insurers faced challenges due to the yen’s depreciation against the US dollar, although most saw year-over-year asset growth.
Health insurers dominated the NPW rankings, with US-based companies holding four of the top five positions. Centene Corporation remained second, with a 10% increase in NPW, followed by Elevance Health Inc. and Kaiser Foundation Group of Health Plans. China Life Insurance (Group) Co. rose to fifth place, while Ping An Insurance experienced a significant 30% drop in NPW, falling to 11th place.
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The largest global insurers ranked by nonbanking assets in 2023 are as follows: |
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The top 10 insurers by NPW are: |
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These rankings, based on BestLink data and additional research, provide insight into industry trends and insurer performance. AM Best’s analysis highlights the resilience of major insurers amid currency fluctuations and economic challenges.
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