At the foundation of economic growth and societal resilience rests the insurance industry. The world’s leading insurers operate at staggering scale as measured by turnover, profits, assets under management and total market valuation.
This article covers the 20 largest insurance companies worldwide. Determined strictly by key monetary figures rather than brand familiarity, composite rankings reveal the biggest global carriers delivering financial security products and services that enable economic growth.
Spanning specialized health, life, non-life and composite insurance lines, these 20 giants generate over $1.5 trillion in turnover annually and hold over $7 trillion in assets. Their substantial profits and market valuations underscore the insurance sector’s growth and resilience.
20 Largest Insurance Companies for 2024:
As measured by key financial metrics (2022 & 2023), these 20 insurance giants lead the sector in scale and economic impact.
1. UnitedHealth Group (Health Insurance) – U.S.
The largest health insurer worldwide, UnitedHealth insures 1 in 15 Americans through employer plans or public programs. Known for innovation, UnitedHealth integrates data and technology to improve affordability and health outcomes for customers.
- Turnover: $335.94 Billion
- Profits: $20.7 Billion
- Assets: $283.68 Billion
- Market Cap: $460.19 Billion
2. Ping An Insurance (Composite Insurance) – China
As China’s largest composite insurance group, state-owned Ping An held over 200 million customers as of 2021. Ping An offers life, property, casualty, banking and asset management services across Asia and Europe.
- Turnover: $166.37 Billion
- Profits: $12.64 Billion
- Assets: $1,598.49 Billion
- Market Cap: $138.56 Billion
3. Allianz (Composite Insurance) – Germany
This European financial services leader provides insurance and asset management as an integrated, multi-national firm. 85 million retail and corporate clients rely on Allianz’s property/casualty, life/health and credit insurance.
- Turnover: $134.26 Billion
- Profits: $7.08 Billion
- Assets: $1,139.49 Billion
- Market Cap: $95.45 Billion
4. Life Insurance Corporation (Life Insurance) – India
Life Insurance Corporation of India (LIC) dominates its domestic market as the nation’s oldest and largest insurer controlling over 60% share of the life insurance business. Wholly owned by the Indian government, LIC has served the insurance needs of citizens since 1956 across over 250 million policies.
- Turnover: $98 Billion
- Profit: $4.8 Billion
- Assets Under Management: $620 Billion
- Market Cap: $71.47 Billion
5. AXA Group (Composite Insurance) – France
AXA is the world’s largest insurance brand serving 105 million customers across property/casualty lines along with life, health and asset management. After acquiring XL Group, AXA now leads in commercial property and casualty insurance.
- Turnover: $110.92 Billion
- Profits: $6.83 Billion
- Assets: $701.25 Billion
- Market Cap: $70.07 Billion
6. China Life Insurance (Life Insurance) – China
As China’s dominant life insurer controlling over 60% market share, China Life built growth on over 300 million long-term policyholders. Protection products drive revenues but increasing wealth drove sales of savings products in 2022.
- Turnover: $124.43 Billion
- Profits: $4.87 Billion
- Assets: $754.95 Billion
- Market Cap: $55.83 Billion
7. Cigna (Health Insurance) – U.S.
This leading global health services company offers medical, dental, behavioral health, vision and Medicare products to employers, groups and individuals worldwide. Following the 2018 purchase of pharmacy benefits manager Express Scripts, Cigna now coordinates whole health programs around insurance.
- Turnover: $182.8 Billion
- Profits: $6.75 Billion
- Assets: $142.69 Billion
- Market Cap: $77.45 Billion
8. Elevance Health (Health Insurance) – U.S.
Previously called Anthem, Elevance Health delivers health solutions through employer-sponsored plans and government programs like Medicare and Medicaid. With coverage for 1 in 8 Americans, it is the nation’s second largest health insurer.
- Turnover: $160.67 Billion
- Profits: $6.21 Billion
- Assets: $109.04 Billion
- Market Cap: $110.11 Billion
9. Zurich Insurance (Composite Insurance) – Switzerland
Serving customers in over 210 countries, Zurich Insurance provides property, casualty, life insurance and asset management solutions for individuals, small firms and large multinationals globally.
- Turnover: $41.89 Billion
- Profits: $4.61 Billion
- Assets: $352.12 Billion
- Market Cap: $70.97 Billion
10. Chubb (Property/Casualty Insurance) – Switzerland
As the world’s largest publicly traded property and casualty insurance company, Chubb insures commercial and personal property risks for middle market businesses and high net worth clients across 54 countries.
- Turnover: $44.7 Billion
- Profits: $5.23 Billion
- Assets: $179.83 Billion
- Market Cap: $82.39 Billion
11. Munich Re (Reinsurance) – Germany
Munich Re ranks among the world’s leading reinsurers offering primary insurance, reinsurance and asset management across all lines serving 34 million customers globally.
- Turnover: $79.52 Billion
- Profits: $3.61 Billion
- Assets: $324.75 Billion
- Market Cap: $51.22 Billion
12. AIG (Composite Insurance) – U.S.
This iconic insurer emerged from the 2008 financial crisis after reconstituting global composite insurance and retirement focused product lines for individuals and organizations. AIG streamlined to focus on growth opportunities going forward.
- Turnover: $51.42 Billion
- Profits: $6.05 Billion
- Assets: $463.77 Billion
- Market Cap: $39.49 Billion
13. Generali Group (Composite Insurance) – Italy
As one of Europe’s largest composite insurers, Generali Group operates across life, property and casualty lines while also growing asset management capabilities across Western and Eastern European nations.
- Turnover: $91.78 Billion
- Profits: $3.06 Billion
- Assets: $552.89 Billion
- Market Cap: $31.51 Billion
14. China Pacific Insurance (Composite Insurance) – China
As China’s third largest insurer competing in life, property, casualty and asset management sectors, China Pacific Insurance (CPIC) maintained steady profits while navigating post-pandemic economic recalibration.
- Turnover: $68.07 Billion
- Profits: $4.16 Billion
- Assets: $300.52 Billion
- Market Cap: $31.02 Billion
15. MetLife (Life and Property/Casualty Insurance) – U.S.
With nearly 150 years of experience, MetLife continues evolving capabilities from individual policies to employer-sponsored benefits supporting 100 million customers globally across life, property/casualty and retirement solutions.
- Turnover: $69.53 Billion
- Profits: $1.95 Billion
- Assets: $674.27 Billion
- Market Cap: $41.86 Billion
16. Tokio Marine Holdings (Composite Insurance) – Japan
As Japan’s largest property insurance provider, Tokio Marine expanded across life, non-life and financial services segments operating in 38 countries while targeting emerging Asian growth opportunities.
- Turnover: $48.67 Billion
- Profits: $2.42 Billion
- Assets: $216.93 Billion
- Market Cap: $39.82 Billion
17. ING Group (Composite Insurance) – Netherlands
ING built leading bank and insurance lines across Europe and Asia on a foundation of operational excellence, customer experience and sustainability serving over 38 million individual and institutional clients.
- Turnover: $19.51 Billion
- Profits: $3.86 Billion
- Assets: $1,032.90 Billion
- Market Cap: $43.32 Billion
18. Humana (Health Insurance) – U.S.
One of America’s largest health insurers, Humana primarily serves employer group plans along with over 5 million Medicaid and Medicare members, leveraging partnerships to expand value-based care models improving population health outcomes.
- Turnover: $95.64 Billion
- Profits: $3.12 Billion
- Assets: $54.78 Billion
- Market Cap: $66.85 Billion
19. Travelers (Property/Casualty Insurance) – U.S.
Delivering risk management and property casualty insurance products since 1853, The Travelers Companies now serve customers across more than 30 industries between personal, business and specialized insurance coverage.
- Turnover: $37.79 Billion
- Profits: $2.78 Billion
- Assets: $108.9 Billion
- Market Cap: $42.11 Billion
20. Sun Life Financial (Life Insurance) – Canada
As an international leader in life insurance, health solutions and asset management, Sun Life Financial serves over 30 million clients globally with an expanding Asia focus accounting for over a third of the insurer’s earnings in 2022.
- Turnover: $31.56 Billion
- Profits: $2.4 Billion
- Assets: $240.68 Billion
- Market Cap: $28.42 Billion
2024 Global Insurance Trends
The 2024 global insurance outlook from Deloitte highlights several key trends and challenges in the insurance industry. Key points include:
- Global Risks Intensification: The insurance industry is increasingly focused on addressing escalating global risks such as climate change and cybercrime.
- Transformation Efforts: Insurers are shifting towards preventing losses rather than just reacting to them, necessitating significant transformations in technology and company culture.
- Customer-Centric Business Models: A move towards more customer-centric models is evident, demanding enhanced collaboration and accessibility of customer data.
- M&A Activity: There has been a decline in M&A activities, influenced by macroeconomic factors, but a potential increase is expected in the near future.
- Sustainability and Social Impact: The industry is pivoting towards becoming a sustainability ambassador, influencing purpose-driven strategies across industries.
Key Takeaways
Several key themes emerge around these globally leading insurers:
- Consolidation Continues – M&A activity persists across insurance sectors as companies integrate capabilities and capitalize on shared resources and operating scale.
- Innovation Imperative – Leaders increasingly adopt advanced technologies from IoT to AI while accelerating digital transformation to enhance customer experience and unlock operational efficiencies.
- Spotlight on Health – Insurers sharpen focus and partnerships to improve population health and care outcomes while controlling medical cost inflation made more urgent by COVID-19.
- Emerging Market Growth – Mature North American and European markets contrast strong developing world opportunities notably across Asia and Latin America markets as middle classes and risk transfer needs expand.
While confronting economic uncertainty and global crises, top insurance institutions continue advancing profitable expansion serving individuals and organizations with financial stability and risk management globally.