Top Insurance Companies Ranking 2024 by Revenue & Profits

In this article, we have prepared the list of top Insurance companies in the world 2024 based on business parameters of Revenue and Profit. Top Insurance Companies have been dynamic and very much competitive in recent years. The insurance industry is on the verge of getting disrupted for which technological changes, customers’ expectations for 24 hours service and changes in regulations and standards are cited as the main reasons.

Top insurance companies are now using technology like automation, AI/ML and blockchain in areas of claims processing, cashless hospitalization, online applications and premiums, quick clearance, adjudication etc. Hence, the whole insurance marketplace is getting redefined.

Top Insurance Companies Ranking 2024 by Revenue & Profits

The top insurance companies in the world 2024 are quite large in terms of market capitalization and are part of big financial brands globally. The list of best insurance companies include names like Berkshire Hathaway, AXA, Ping An followed by Allianz, Japan Post, Prudential Financial etc. Here is the list of the top 10 Insurance companies in world 2024.

1. Berkshire Hathaway

The headquarters of the conglomerate holding corporation Berkshire Hathaway are located in Nebraska, USA.

Founded in 1839, Berkshire Hathaway is one of the oldest companies in the insurance sector, with more than $350 billion in shareholder ownership. Through independent agencies and brokers, its goods and services are offered.

It is involved in a wide range of commercial endeavors, the most important of which being the insurance and reinsurance industries. Numerous domestic and international insurance entities are used to perform these two industries. This business ventured into commercial insurance in 2014 with the establishment of Berkshire Hathaway Specialty Insurance. With regional offices in Singapore, Hong Kong, Malaysia, and Macau, BHSI is a specialized and commercial insurance provider that focuses on construction, marine, property, casualty, energy, professional, and executive insurance. More recently, the company opened an office in Dubai. Berkshire’s insurance firms rank first on the list of top insurance companies because they maintain capital strength at very high levels, setting them apart from their rivals. An estimated 300,000 people work for the company.

Details ($billion)

Revenue: 368

2. Allianz Insurance

Since then, this business has been very competitive in the insurance sector and today employs 140,000 people in more than 70 countries. Offering a broad range of property-casualty and life/health insurance products to both retail and corporate clients, its primary activities are asset management and insurance. These include assistance services, general liability, property, auto, and accident insurance for the P&C market. It is among the top five in the life and health insurance market and is the top P&C insurer globally. With an annual net income of $6 billion, the Allianz group has made significant progress. The corporation attributes this accomplishment to the “Renewal Agenda” global strategic program. They began concentrating on customer happiness and technical competence under this initiative, which contributed to a 3% increase in their yearly income. In almost 60% of enterprises, consumer satisfaction has surpassed average levels. Out of all the international insurance businesses, Allianz has the second-highest brand value, per Brand Finance. Throughout the past few decades, Allianz has maintained its reputation for quality, knowledge, trust, and dependability. This places it among the world’s leading insurance providers in 2024.

Details ($billion)

Income: 148

3. Ping AN Insurance

Ping AN Insurance among the top insurance companies in the world.

With its headquarters located in Shenzen, China, this corporation was founded in 1988. The company is the biggest and most valuable insurer in the world, with over 320,000 active employees. Ping An Bank, Ping An Securities, and Ping An Trust are its three subsidiaries. Out of all multinational insurance businesses, this one has the highest brand value, according to Brand Finance. It regularly appears on Forbes’ Global 2000 list. The business has established itself as the world’s top provider of technology-powered personal finance services. Its two growth strategies are Finance plus Technology and Finance plus Ecosystem, and its two main areas of focus are Pan Financial Assets and Pan Health Care. For many years, its total earnings and total assets have grown at a consistent CAGR of 25–29%. It works in a wide range of industries, including banking, trust, securities, health and life insurance, property and casualty, fintech, and other asset management. Positive outcomes resulted from Ping An Bank’s retail strategic transformation, as the bank’s retail banking revenue and net profit increased dramatically.

Details ($billion)

Income: 136

4. AXA

AXA is a very old company which was established in 1852 in Paris, France.

The name was purposefully designed so that speakers of any language could pronounce it with ease. It employs about 100,000 people and is present throughout Western Europe, Asia, North America, and the Middle East. The Life, Health, Protection, and P&C commercial lines segments are the company’s areas of expertise. With over 100 million clients across 56 countries, the business frequently appears on Forbes’ 2000 list. The group has reorganized and separated into six operational segments: Transversal and Central Holdings, International, France, Asia, USA, and Europe. Through the AXA Global Parametrics Unit, it is creating Parametric Insurance products to increase consumer reach to individuals and SMEs. AXA operates in the banking, asset management, investment, and other financial sectors in addition to the insurance industry. One of the leading insurance companies in 2024, it distributes its products through both exclusive and non-exclusive channels, such as banks, direct sales, salaried sales forces, brokers, independent financial advisors, aligned distributors or wholesale distributors, and partnerships.

Details ($billion)

Income: 109

5. Japan Post Holdings

In addition to standard endowments, Japan Post Insurance Company Limited provides life, health, and auto insurance as well as education endowments. Through agents and its own post offices, which serve as bases of operations around the nation, it connects and sells to clients. It benefits from using post offices in two ways: it can reach individuals and families and has a nationwide network. In terms of goods and services, it supported the “Kampo Platinum Life Service” project, which aims to improve relationships with all of its clients—individuals and corporations alike—by providing senior citizens with customer-friendly services that prioritize security and trust. The corporation operates wholesale divisions in 76 major cities around the country. Products and services are mainly sold directly to corporate and workplace markets through these units. Using IBM Watson in day-to-day operations increased operational efficiency starting in April 2017. In 2024, this company’s insurance segment is ranked among the top insurance companies globally.

Details ($billion)

Income: 81

6. The People’s Insurance Company (PICC)

The People’s Insurance Company (Group) of China Limited was established in 1949 headquartered in Beijing, China.

It managed to rank among the world’s leading insurance businesses in just 69 years. It is a state-owned business that advertises insurance services through its two subsidiaries, Property and Casualty Company Limited and Asset Management Company Limited. This organization offers a range of insurance services, including asset management, life and health insurance, property and casualty insurance, and internal reinsurances. With over 1 lac employees, the corporation put a lot of effort into marketing P&C insurance and preventing financial hazards. This sector evaluated market benchmarking, encouraged upgrades, changed organizational structure, inspired and implemented proactive financial policy, and reinforced strategic direction in response to the complicated and intense market rivalry. With a 20% rise in yearly net income, the outcome is impressive.

Details ($billion)

Income: 77

7. Generali

Generali is one of the top insurance companies in the world.

Generali provides its clients with a range of options, including health insurance, life insurance, and other financial services. With activities in over 100 countries, the corporation has a significant global footprint. The knowledgeable staff at Generali offers clients solutions according to their demands. The company was founded in 1831 and is headquartered in Italy. Among the company’s subsidiary brands are Genertel, Alleanza Toro, Ina Assitalia, and Europ Assistance Group. In addition to having a sizable consumer base in Europe, the Generali Group has recently established a significant presence in America, Asia, and Africa. Through a variety of marketing and advertising initiatives, the corporation has created a strong brand value in the eyes of the public. The business has supported sporting teams in Italy, France, and other European nations in addition to a number of international events.

Details ($billion)

Income: 77

8. MetLife Inc

Metlife originated in year 1868 and since then has contributed a lot in financial services providing insurance, annuities, employee benefits and asset management.

The headquarters of Metlife are located in New York, USA. With 58,000 workers, it is a renowned leader in the insurance industry for innovation, excellent protection planning, and the introduction of retirement and savings products. Asia, the United States, Europe, Latin America, the Middle East, and Africa comprise its five segments, together with Metlife Holdings. They have a significant worldwide presence in more than 60 countries because to acquisitions, joint ventures, organic expansion, and other collaborations. The Metlife Foundation pledged in 2013 to ensure that low-income and impoverished individuals and families have access to financial services. They currently use $200 million five-year plans for this. The business now prioritizes its customers and gives them protection and trust through the MetLife Customer Solutions Center. 2,100 representatives and sales agents work for Metlife customer service, attending to and resolving about 32 million client pre- and post-purchase issues. This business is frequently listed as one of the top insurance providers worldwide.

Details ($billion)

Income: 67

Disclaimer:
The information provided in this article is for general informational purposes only and is not intended as financial, legal, or professional advice. While we strive to ensure the accuracy and reliability of the information, travel insurance policies, terms, and coverage details may vary by provider and region. Readers are encouraged to verify details directly with their chosen insurance provider to make informed decisions. We are not affiliate with any of these nor the article is sponsored. Must do your own research while choosing any travel insurance company.