UnitedHealth Group Incorporated has maintained the pole position for the ninth straight year in AM Best’s ranking of the world’s 25 largest insurance companies, growing net premiums written (NPW) by 14% in 2022 to $257.2 billion.
Of the insurance groups featured in the list, which is ranked by NPW in 2022, the top 10 were again dominated by health insurers, with four of the top five insurers being U.S.-based health companies.
In the number 2 spot behind UnitedHealth was Centene Corporation, which retained its position with NPW rising 13.2% to $136.2 billion.
Elevance Health Inc. also maintained its number 3 position, with NPW increasing 13.5% to $133.2 billion. Meanwhile, Kaiser Foundation Group of Health Plans moved up to number 4, and Ping An Insurance (Group) Company of China Ltd. stayed at number 5.
Interestingly, China life Insurance (Group) Co. was the only insurer in the top 25 ranking to see its NPW fall, down 0.7%, as it fell to 6th place from number 4. AXA S.A. and Allianz SE came in at numbers 7 and 8, respectively.
Munich Re was the only reinsurer to feature in this list, coming in at number 15 with NPW of $68.5 billion. It is important to note that Munich Re remained the world’s largest reinsurance company, as shown by our directory of the Top 50 Global Reinsurance Groups.
In terms of AM Best’s annual ranking of the top 25 insurers by net nonbanking assets, Allianz SE remained in its top spot at $1.1 trillion, despite a 10% drop from the previous year.
Though there was some re-shuffling at the top in this category, life insurers still dominated, with 7 of the top 10 insurers providing life products.
One of the main highlights of this nonbanking assets list was Ping An insurance (Group) Company of China Ltd.’s surge to second behind Allianz SE, as its assets rose 11.4% to $960.7 billion in 2022.
Elsewhere, Berkshire Hathaway Inc. slipped to number 3 from number 2, while China Life Insurance (Group) Company rose to 4th from 5th place.
AXA S.A. was ranked number 5, while Prudential Financial Inc., also fell to number 6 from number 3, as its assets dropped by 26.4%.
In the number 10 spot was UK-based Legal & General Group Plc, which saw its assets drop -11.9%.
