Recently, based on data from BestLink and other relevant research, the global rating agency AM Best selected the top 25 global insurance companies based on net premiums and non-bank assets in 2022
UnitedHealth Group topped the list for the ninth consecutive year, with a 14% increase in net premiums to US$257.2 billion in 2022. In the list of non-bank assets, although the non-bank assets of the German Allianz Group fell by 10% compared to the previous year, it still topped the list at 1$1 trillion
Net Premium Rankings:
U.S. health insurance is strong, and domestic companies are a little weak
Among the top five companies, U.S. health insurance companies accounted for four, and Ping An of China ranked fifth
According to the 2022 net premium rankings, UnitedHealth remains the world's largest insurer, ranking first for the ninth consecutive year, with a net premium of 2,571$600 million, **137%, which is about twice as much as the second-ranked company
*: Best's Conservation Finish.
Centene Corporation ranked second, with full-year 2022 net premiums of $136.2 billion,**132%。Centene is also a health insurance company with a predominantly Medicaid business and a smaller Medicare and commercial business. In terms of revenue in the first nine months of 2023, Medicaid's revenue was 7552.3 billion US dollars, accounting for about 70%;Medicare's revenue was 169$7.1 billion, accounting for about 15%, while commercial revenue was 174$3.9 billion, accounting for 15%.
Centene is structured similarly to UnitedHealth, offering Medicaid, Medicare, and commercial health insurance products through insurance business, as well as medical services such as pharmacy business, vision and dental services, clinical health care, and behavioral health.
Elevance Health ranked third with a net premium of 13 in 2022**5% to 1332$300 million。Elevance Health is also a health insurance company, which includes the insurance business unit and the healthcare division Carelon. The insurance segment covers businesses including individuals, groups, Medicaid and Medicare, with a predominantly commercial focus;The Healthcare segment provides pharmaceutical benefits and health services.
Caesars Health Insurance** will rise to 4th place with a premium of 1085US$100 million, a slight increase of 19%。
Ping An maintained its fifth place as the highest-ranked company in China, with a net premium of US$108 billion, up 23%, the same position as last year, but compared to the second place in previous years, it is a significant decline
It can be seen that among the top 5 companies,Four of them are U.S. health insurers, highlighting the strong growth and stability of the U.S. health insurance market
There are 4 domestic companies, and their rankings remain unchanged or decline
In the list of TOP25 net premium insurance companies, there are 4 domestic companies, namely Ping An of China, Chinese Life, Chinese Insurance and China Taibao, ranking 4th, 6th, 11th and 17th respectively, and their rankings basically remain unchanged or decline
Among them, Chinese's life insurance premiums were US$105.2 billion, falling from fourth to sixth. The net premium for Chinese is 824$900 million, an increase of 61%。CPIC's net premium was 539$900 million, an increase of 93%, which is the largest increase in premiums among domestic companies.
AXA and Allianz remained unchanged, while Khamenna and State Farm moved up
Among the companies ranked 6th to 10th on the list, AXA and Allianz remained unchanged at 7th and 8th place, with premiums of 919800 million and 919$400 million, an increase of 2% and 9.%, respectively7%
Hamenna rose to 9th place from 11th place last year with a premium of 877$100 million, premium growth of 99%, with a smaller increase in premiums in health insurance. State Farm rose to 10th place from 13th place last year, with a premium of $84 billion, an increase of 116%。
Companies ranked 11 to 25 on the list saw a slight change. Among them, Berkshire Hathaway, Munich Re, Health Care Services, HDI, and Liberty Mutual fell one place, ranking 13th, 15th, 19th, and 24th respectively, with premiums of 764700 million US dollars, 685 million400 million US dollars, 50.8 billion US dollars, 491600 million and 482$300 million, year-on-year growth. 9% and 104%。
Generali Group dropped two places to 12 places with a premium of 809$100 million, an increase of 69%。Zurich Insurance fell from 21st to 25th place, with premiums of $47.1 billion, an increase of 51%。
CVS Health moved up one spot to 14 places with a premium of 706$300 million, an increase of 136%。Progressive also moved up one spot to 18 places with a premium of 510$800 million, an increase of 101%。The Japanese company rose three places to No. 21 with a premium of 500300 million US dollars, a year-on-year increase of 25At 4%, it was the strongest growth of any company, reversing the disadvantage caused by the yen's decline last year. The Mets rose from 27th to 22nd place with a premium of $49.4 billion, an increase of 176%。
LIC and Allstate remained unchanged at 16th and 20th with premiums of 576900 million and 503$200 million, an increase of 109% and 98%。
Non-bank assets:
Allianz Asset Management ranked first, with 18 companies declining in assets
The list of non-bank assets as a whole showed a downward trend. In 25 companies,Non-bank assets of 18 companies declined, with the largest decline being Prudential Financial, which fell by 264% to 6899$200 million, moving the company from 3rd to 6th.
Top 5 companies: Only Ping An and China Life assets increased
While Allianz's non-bank assets fell by 106%, which is 105 trillion dollars, but still remain first。It was followed by Ping An, which rose from 4th to 2nd place in the list of non-bank assets, reaching 9,606., although it did not have a dominant position in the net premium rankings$800 million, an increase of 114%。
Among the top 5 companies, Berkshire Hathaway ranked 3rd, down one place from last year, with non-bank assets of 9,484$500 million, down 11%。Chinese Life rose from 5th to 4th, with non-bank assets of 8850$500 million, an increase of 68%。AXA also moved up one place, from 6th to 5th, with 7,136 in non-bank assets$200 million, down 68%。
*: Best's Conservation Finish.
6th to 15th: Five up and two downs, Generali and CNP Assurances remain unchanged
Among the companies ranked 6th to 10th on the list, Metropolis, Nippon Life and Manulife Financial all rose one place to 7th, 8th and 9th places, non-bank assets of 6666100 million US dollars, 660.5 billion US dollars and 6268 million$300 million, down. 9% and 75%。
The Group fell three places to 10th, with non-bank assets of $619.1 billion, down 119%。
Among the 11th to 15th ranked companies, the largest change in rank was greatest-west lifeco, which rose from 19th to 14th, with 5,179 non-bank assets$300 million, an increase of 113%。Another Indian company, LIC, rose 76%。
Generali and CNP Assurances remained in 11th and 15th place, with non-bank assets of US$554.2 billion and US$4,828, respectively$500 million, down 115% and 64%。
AIG dropped one spot to 13th, with the company's non-bank assets at 5,266$300 million, down 117%。
Three rises and seven declines, and Aegon assets declined the most
Among the companies that ranked 16th to 25th, the National Mutual Insurance Federation of Agricultural Cooperatives, New York Life and TIAA Group moved up the rankings, with 18th, 21st and 25th respectively, and non-bank assets of 4,388400 million US dollars, 4053$200 million and $365.3 billion, with a growth rate. 2% and 14%。
The rest of the companies all fell in the rankings. Among them,Japan Post and Daiichi Life were ranked 16th and 17th, respectively, down two and one places, non-bank assets of 4726900 million and 4643$300 million, down 67% and 65%。
Crédit Agricole Assurances dropped from 18th to 19th place, with 4,371 non-bank assets$100 million, down 78%。Aegon dropped from 17th to 20th, with 4,280 in non-bank assets$900 million, down 145%。Aviva dropped from 22nd to 23rd, with 3,803 in non-bank assets$200 million, down 12 percent. Zurich Insurance dropped from 22nd to 23rd with 3,777 in non-bank assets$800 million, down 133%。Meiji Yasuda Life Insurance Company dropped from 23rd to 24th, with non-bank assets of 3,678$300 million, down 12%。
All in all,Although the ranking of the top 25 non-bank net worth insurers has changed significantly, life insurance companies still dominate, with 7 of the top 10 insurers being life insurance groups。This is also related to the attributes of life insurance products, which are larger than property insurance companies in terms of premium scale and reserves.
The above are the 25 largest insurance companies in the world released by AM Best based on the 2022 net premiums and non-bank asset list. As you can see,On the list of net premiums, U.S. health insurance has an absolute advantage, and the strong growth of insurance itself has established an unshakable position for various health insurance companies。In contrast, domestic life insurance companies have declined compared with previous years due to the sluggish or even declining growth of premiums themselves. On the list of non-bank assets, the assets of most companies have declined, which has a lot to do with the Fed's interest rate hikes.
The road ahead is still difficult or full of darkness, and those who can finally overcome the darkness will also usher in light. This sentence is dedicated to all insurance companies, but also to domestic companies.