Berkshire Hathaway Inc. has emerged as the world’s largest insurer by non-banking assets, in AM Best’s January 2026 global rankings. Berkshire claimed the top position with $1.15 trillion in non-banking assets, reflecting the growing scale and diversification of its insurance and non-insurance operations.
UnitedHealth Group Inc. continued to dominate the industry by net premiums written, maintaining its lead for the 11th consecutive year. The company reported $308.8 billion in net premiums written, representing a 6.2 percent increase in 2024 and underscoring the sustained growth of the U.S. health insurance market.
The remaining companies in the top 10 global insurers by nonbanking assets included Legal & General Group, AXA, Manulife Financial, MetLife, and Life Insurance Corporation of India, reflecting a mix of U.S., European, and Asian insurers with substantial balance sheets and international reach.
In the net premiums written rankings, U.S. health insurers continued to dominate. Centene Corp., Elevance Health, and Kaiser Foundation Health Plan Group held on to the second through fourth positions. State Farm Group entered the top five after posting the strongest growth among the top 10, driven by a double-digit increase in premiums.
The full top 10 by net premiums written comprised UnitedHealth Group, Centene, Elevance Health, Kaiser Foundation Health Plan Group, State Farm Group, Humana, China Life Insurance, Allianz SE, Berkshire Hathaway, and AXA, highlighting the concentration of premium volume among a relatively small group of global insurers.
AM Best said the rankings, compiled using BestLink data and additional research, illustrate how scale is becoming an increasingly important competitive factor in the insurance industry. Analysts noted that Berkshire Hathaway’s rise reflects the advantages of diversification and capital strength, while UnitedHealth’s continued premium leadership points to ongoing consolidation in U.S. health insurance, trends that could shape global pricing, product development, and expansion into emerging risk areas such as cyber, climate, and specialty insurance lines.
