World’s Largest Insurers 2020: AM Best Ranks UnitedHealth, Allianz on Top

January 5, 2021

UnitedHealth Group Inc. takes the top spot in AM Best’s ranking of the world’s 25 largest insurance companies for a sixth straight year, with $189.7 billion in net premiums written (NPW) in 2019.

In addition, Allianz SE and Prudential Financial, Inc. jumped ahead of AXA S.A. into the No. 1 and No. 2 spots, respectively, in AM Best’s ranking by 2019 non-banking assets.

AM Best released the rankings of the world’s largest global insurance companies, by NPW and non-banking assets, in the Jan. 4, 2021, issue of BestWeek. AM Best said the two rankings are based on BestLink data and additional research. Overall, the annual non-banking ranking saw some reshuffling in the top 5, while the leading five companies in the NPW ranking remained in their spots from the previous year.

CVS Health Corp. Group moved up in the NPW ranking for a second-straight year, driven predominantly by its acquisition of Aetna Inc., climbing to No. 16 from No. 20. In the latest non-banking asset ranking, UK-based Prudential plc dropped to No. 20 from No. 8 in the previous ranking, following completion of its demerger with investment management business M&G plc.

The top 10 global insurers ranked by 2019 NPW are as follows:

1. UnitedHealth Group Incorporated, United States
2. Ping An Insurance (Group) Company of China Ltd., China
3. AXA S.A., France
4. China Life Insurance (Group) Company, China
5. Kaiser Foundation Group of Health Plans, United States
6. Anthem, Inc., United States
7. Allianz SE, Germany
8. People’s Insurance Company (Group) of China Ltd., China
9. Assicurazioni Generali S.p.A., Italy
10. Centene Corporation, United States

The top 10 global insurers ranked by 2019 non-banking assets are as follows:

1. Allianz SE, Germany
2. Prudential Financial Inc., United States
3. AXA S.A., France
4. Berkshire Hathaway Inc., United States
5. Nippon Life Insurance Company, Japan
6. MetLife Inc., United States
7. Legal & General Group plc, United Kingdom
8. Ping An Insurance (Group) Company of China Ltd., China
9. Japan Post Insurance Co., Ltd., Japan
10. China Life Insurance (Group) Company, China

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