Press Release - DECEMBER 02, 2019

AM Best Ranks UnitedHealth Group and AXA as World’s Largest Insurers


CONTACTS:
 Patricia Vowinkel
Executive Editor, BestWeek
+1 908 439 2200, ext. 5540
patricia.vowinkel@ambest.com


FOR IMMEDIATE RELEASE

OLDWICK - DECEMBER 02, 2019
UnitedHealth Group Incorporated occupied the top spot in AM Best’s ranking of the world’s 25 largest insurance companies for a fifth straight year, with $178.1 billion in net premiums written (NPW) in 2018. In addition, AXA S.A. moved past Allianz SE into the No. 1 spot on AM Best’s ranking by 2018 non-banking assets.

AM Best released the rankings of the world’s largest global insurance companies, by NPW and non-banking assets, in the Dec. 2, 2019, issue of BestWeek. The two rankings are based on BestLink data and additional research. Overall, the annual rankings saw some movement at the top, as two companies moved up to enter the top five in the 2018 asset ranking, with four of the top five insurers ranked by NPW remaining from the previous year.

U.S.-based health insurance carriers made the biggest moves in the NPW ranking, highlighted by Centene Corp. rising to No. 12 from No. 18, and Kaiser Foundation Group of Health Plans moving into the No. 5 spot after finishing at No. 7 in the previous ranking. The impact of mergers and acquisitions was evident in the rankings: CVS Health Corp. Group came in at No. 20 on the NPW ranking following its acquisition of Aetna Inc. AXA S.A. remained at No. 2 in the NPW ranking, but saw its NPW increase by 3.2%, mainly due to its acquisition of XL Group in 2018.

In the assets ranking, Nippon Life Insurance Company moved to No. 4 from No. 7, trading places with Japan Post Insurance Co. Ltd. Berkshire Hathaway Inc. moved up one spot from No. 6 in the previous ranking to enter the top five.

The top 10 global insurers ranked by 2018 NPW are as follows:

1. UnitedHealth Group Incorporated, United States

2. AXA S.A., France

3. Ping An Insurance (Group) Company of China Ltd., China

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. Assicurazioni Generali S.p.A., Italy

9. State Farm Group, United States

10. People’s Insurance Company (Group) of China Ltd., China

The top 10 global insurers ranked by 2018 non-banking assets are as follows:

1. AXA S.A., France

2. Allianz SE, Germany

3. Prudential Financial Inc., United States

4. Nippon Life Insurance Company, Japan

5. Berkshire Hathaway Inc., United States

6. MetLife Inc., United States

7. Japan Post Insurance Co., Ltd., Japan

8. Prudential plc, United Kingdom

9. Legal & General Group plc, United Kingdom

10. Ping An Insurance (Group) Company of China Ltd., China

A video discussion with Lee McDonald, group vice president, Publication and News Services, about the latest rankings is available.

BestWeek is published weekly by AM Best for insurance professionals, and is available as part of a subscription to the Best’s Insurance News & Analysis service. More information about the Best’s Insurance News & Analysis subscription service is available at http://www.ambest.com/sales/bina/default.asp . To order, contact Customer Service at +1 908 439 2200, ext. 5742 or at +1 800 424 2378 when calling from the United States and Canada. To learn more about BestLink, visit http://www.ambest.com/sales/bestlink .

AM Best is a global credit rating agency, news publisher and data provider specializing in the insurance industry. The company does business in more than 100 countries. Headquartered in Oldwick, NJ, AM Best has offices in cities around the world, including London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.