Meanwhile, UnitedHealth Group Incorporated maintained its top spot by net premiums written (NPW) for a decade.
These rankings, published in the January 2025 issue of Best’s Review, are based on BestLink data and extensive research.
Key Findings:
- Allianz Dominates by Assets: Allianz SE held onto the top spot with $1.09 trillion in nonbanking assets, followed closely by Berkshire Hathaway Inc. and China Life Insurance (Group) Co.
- Health Insurers Lead in Premiums Written: UnitedHealth Group Incorporated continued its reign as the top insurer by NPW, with a 13% growth in 2023 to $290.8 billion. Four of the top five insurers by NPW were U.S.-based health companies.
- Currency Fluctuations Impact Rankings: The depreciation of the yen against the U.S. dollar impacted the rankings of several Japan-based insurers.
- Life Insurers Remain Dominant: Life insurers continued to dominate the top rankings by nonbanking assets.
Top 10 Global Insurers by Nonbanking Assets (2023):
- Allianz SE, Germany
- Berkshire Hathaway Inc., United States
- China Life Insurance (Group) Company, China
- Ping An Insurance (Group) Company of China Ltd., China
- Prudential Financial Inc., United States
- AXA S.A., France
- MetLife Inc., United States
- Legal & General Group plc, United Kingdom
- Manulife Financial Group, Canada
- Nippon Life Insurance Company, Japan
Top 10 Global Insurers by Net Premiums Written (2023):
- UnitedHealth Group Incorporated, United States
- Centene Corporation, United States
- Elevance Health, Inc., United States
- Kaiser Foundation Group of Health Plans, United States
- China Life Insurance (Group) Company, China
- Humana Inc., United States
- State Farm Group, United States
- Allianz SE, Germany
- Berkshire Hathaway Inc., United States
- AXA S.A., France
For additional coverage of these rankings, as well as the 2025 edition of the Guide to Understanding the Insurance Industry, see the Best’s Review site or visit the online edition at https://bestsreview.ambest.com/edition/2025/January/.
