Financial companies provide a variety of services to the customers. In this article, we take a look at some of the top insurance companies in the world. There are many criteria on the basis of which, such a list can be prepared: market capitalization, revenue, profit, premium collections, geographical area, assets, and more. This list of top 10 Insurance companies in the world 2015 is based on market capitalization.
10. ING GROUP
ING Group came into existence on January 21, 1991 and has its headquarters in Amsterdam, Netherlands.
It employees 68431 people. The CEO of the company is Ralph Hamers. It provides services like investments, life and non-life insurance, banking, and asset management to individuals, small businesses, large corporations, and government’s institutions. It has following business segments:, Retail Belgium, Retail Germany, Retail Netherlands ,Retail Rest of World, Commercial Banking, , Netherlands Non-Life, Insurance Europe, Netherlands life, Japan Life and Investment Management. The Retail Netherlands provides private and retail banking activities, insurance products, commercial, and the sale of mortgages. The Retail Belgium segment provides life and non-life insurance, banking, and asset management products and services through direct banking channels in Belgium. The Retail Germany segment provides retail and private banking. The Commercial Banking segment provides services such as payments, cash management to corporate clients, lending, but it excludes the real estate sector. The Netherlands Life segment works for providing group life and individual life insurance products. The Netherlands Non-Life segment works for providing non-life insurance, which includes disability and accident, fire, and transport insurance.
It is ranked 10th on the basis of market capitalization of $58.9 B.
9. AXA GROUP
AXA Group came into existence in 1985 and has its headquarters in Paris, France.
AXA S.A. is French global investment, insurance and retirement group. It provide health, life and other types of insurance, primarily operating in North America, Asia Pacific Western Europe, and Middle East. It serves over 80 million customers worldwide. The group ranks 29 in the Global 2000 Forbes list of 2015.It employees around 96000 people. The CEO of the company is Henri de Castries
The company provide services through its 5 segments: Life & Savings, International Insurance, Asset Management Property & Casualty and Banking. The Life & Savings segment offers individual and group savings products for life and health to serve both individual and commercial clients. The Property & Casualty segment offer products including household, property motor insurance for both personal and commercial customers. The International Insurance segment works on risks, assistance and reinsurance. The Asset Management segment provides diversified asset management and related services. The Banking segment provides banking activities, like retail banking, mortgages loans and savings mainly in France, Belgium and Germany.
AXA acquired 50% stake of Tian Ping in 2013, a Chinese P&C Insurer firm with a strong distribution channels in china, making AXA, the largest international insurer operating in China. AXA has also acquired 51% of the insurance operations of Colpatria Seguros in Colombia, making it number two player in the P&C market. It has also signed 10 year agreement with HSBC in 2012 for its P&C business in Singapore, China, India, Hong Kong, and Indonesia.It is a leading brand in Hongkong.
It is ranked 9th on the basis of market capitalization of $64.2 B.
8. Prudential PLC
Prudential was established on May 30, 1848 with headquarters in London, UK.
The CEO of the company is Cheick Thiam. It employees around 23915 people. Prudential Plc operates as a holding company which provide insurance and financial services. The company has its principal operations in Asia, the U.S. and the United Kingdom and offers asset management services and retail financial products and services IN these territories. Its retail financial products and services principally include life pensions and annuities, insurance, as well as collective investment schemes. The company operates through the following business units: Jackson National Life Insurance Co., Prudential Cop. Asia Prudential UK and M&G. The Prudential Corp. Asia business unit consists of asset management business and life insurance operations and in Asia. The Jackson National Life Insurance Co. business unit provides retirement income and savings solutions and also provides variable and fixed index annuities and total annuities in USA. The Prudential UK business unit is involved in the life insurance and pension businesses. The M&G business unit is involved European fund management business.
It is ranked 8th on the basis of market capitalization of $64.5 B.
7. American International Group(AIG)
American International Group came into existence in 1919 and the founder was Cornelius Vander Starr.
It is headquartered in New York, NY. AIG provide services in more than 130 countries and employees around 65000 people globally. The CEO of the company is Peter Hancock. American International Group, Inc. operates as a global insurance company, and it provides life insurance, retirement products, property casualty insurance, mortgage insurance and other financial services. The company works through two segments: AIG Life and Retirement and AIG Property Casualty .The AIG Property Casualty segment focusses on providing insurance products for institutional, commercial, and individual customers. The AIG Life and Retirement segment focusses on providing retirement services and life insurance services in the United States. It is also engaged in global capital markets operations, mortgage guaranty operations, direct investment book, retained interests, corporate mortgage guaranty operations, and other operations.
AIG is the largest underwriter of industrial and commercial insurance in United States. Its personal insurance business includes Travel Insurance, Motor Insurance, Health & Accident Insurance, and Lifestyle Insurance. For Corporates, it offers, Burglary & Personal Accident, Employee benefits, Fire & Special Permits, Electronic & other equipment related Insurance products & services. TATA AIG also provide rural insurance scheme.
6. AIA GROUP
AIA Group was founded by Cornelius Vander Starr in 1919 and has its headquarters in Hong Kong.
Mark tucker is the CEO of the company. It employees around 20k people. AIA Group Ltd. provides general insurance services. The company operates through the given segments: Thailand, Singapore, Korea, Hong Kong, Malaysia, China, Other Markets and corporate centre segment. The Corporate Centre segment consists of the group's shared services, corporate functions, certain internal reinsurance and eliminations of the intragroup transactions. Company was separated from the AIG group in 2009 under special purpose vehicle. It operates in 17 markets in Asia-Pacific – some of which are wholly-owned branches and some are subsidiaries .They are present in Thailand, Singapore, Malaysia, Hong Kong, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, a 26 per cent joint venture in India with a representative office in Myanmar. It has 97% subsidiary in Sri Lanka.
AIA offers Savings, Investment, Protection, Retirement benefits and Wealth management schemes for individuals. On the business side, AIA offers Credit insurance Employee benefits, and retirement services. Due to its emphasis in innovation, company has won numerous industry accolades such as Most Admired Brand by BrandAge. And Trusted Brand by Reader's Digest. The company is ranked 136 in the Forbes’s Global 2000 list of 2015.
It is ranked 6th on the basis of market capitalization of $76.7 B.
5. ALLIANZ
Allianz SE is a German multinational financial services company founded by Carl Thieme and Wilhelm Finck on February 5, 1890.
It has its headquarters in Munich, Germany. It has a product portfolio of marine and accident policies. It operates in more than 70 Countries. The company is ranked 21 in Forbes Global 2000 list, with rank of 87 for World’s most valuable brands for 2015.
CEO IS Michael Diekmann. It employees around 147425 people. Allianz SE provides provision of financial solutions, risk consulting insurance services, and public investment funds. It operates through the following segments: Life/Health, Asset Management, Property-Casualty and Corporate and Other. Its products include business insurance, asset management, private insurance, global lines, global assistance, and sustainable solutions.
Its services include, life and health insurance and asset management, property and casualty insurance and has a customer base of around 83 million. Allianz is a top notch property-casualty insurance provider globally. It offers health insurance, and retirement planning benefits, car & motorbike insurance, family insurance, house & home insurance. It serves large corporations, small and medium sized companies and provides credit insurance. Its asset management division works on stocks & commodities, fixed income products, and multi-assets Global lines of business provide employee benefits, company health insurance, reinsurance, direct insurance, life insurance and real estate.
It is ranked 5th on the basis of market capitalization of $82 B.
4. UNITED HEALTH GROUP
The company was founded in January 1977 and is headquartered in Minneapolis, MN.
The CEO of the company is Stephen Hemsley. It employees around 170000 people. The company is ranked 65 in Forbes Global 2000 list, with rank of 66 for its market value.
UnitedHealth Group, Inc. provides health care coverage, software and data consultancy services. The company operates IN four business segments: UnitedHealth care, OptumInsight, OptumHealth,and OptumRx. The UnitedHealth care segment includes, UnitedHealth care Medicare & Retirement, UnitedHealth care Employer & Individual and UnitedHealth care Community & State. UnitedHealth care Employer & Individual offers variety of consumer-oriented health benefit plans and services for, mid-sized employers, public sector employers, national employers, small businesses and individuals nationwide. UnitedHealth care Medicare & Retirement provides health and well-being services to older individuals and offers a wide spectrum of Medicare products. The UnitedHealthcare Community & State segment provides solutions to states that care for the medically underserved, and those without health care coverage in exchange for a monthly premium per member. Optum consists of three segments: OptumHealth focuses on, clinical services and financial services, health management and wellness. OptumInsight delivers health intelligence, consulting, technology and business outsourcing solutions and OptumRx specializes in pharmacy services.
It is ranked 4th on the basis of market capitalization of $112 B.
3. PING AN
Ping An Insurance came into existence on March 21, 1988 and has its headquarters in Shenzhen, China.
It is a holding company which has subsidiaries like Ping An Life Insurance Company of China, China Ping An Insurance Overseas Holding and Ping An Trust & Investment Company, Ping An Property and Casualty Insurance Company of China. Ping An had a total of 24 subsidiaries Ping An Insurance is ranked 32 in the Forbes 2000 list for 2015.The CEO of the company is Ming Ma. It employees 235,999 people. Ping An Insurance (Group) Co. of China Ltd. provides financial products and services. The company primarily focussed on the business of banking, insurance, and investment. Its activities also include investment deployment and investment in and insurance and financial enterprises. The company operates in the following segments: Life Insurance, Banking, Securities Property & Casualty, and Corporate. The Life Insurance segment is focussed on life insurance products such as endowment, annuity, term, whole-life, investment-linked, universal life, and healthcare insurance. The Property & Casualty Insurance segment offers insurance products, including automobile, non-automobile, and accident and health insurance. The Banking segment, and wealth management and credit card services, undertakes loan and intermediary business. The Securities segment involves trading, investment banking, brokerage, and asset management services. The Corporate segment support group through strategy, risk, treasury, finance, legal, human resources functions, etc. Ping An’s vision is to become a leader in providing integrated financial services in China.
It is ranked 3th on the basis of market capitalization of $113.8 B.
2. CHINA LIFE INSURANCE
The company was founded in 1996 and was renamed as China life Insurance Company in 1999.
The China Life Insurance Group consists of China life insurance Company Limited, China Life Property & Casualty Insurance Company Limited, China Life Asset Management Company limited, China Life Pension Company Limited, e Investment Holding Company Limited, China Life Insurance (Overseas) Company Limited, China Life and Insurance professional college as its subsidiaries.
China Life Insurance came into existence on June 30, 2003 and is headquartered in Beijing. China Life Insurance Company along with its subsidiaries is the largest commercial insurance group in Mainland China. It is also one of the largest institutional investors in China’s Capital market. The CEO of the company is lin Dairen. It employees 130123 people. China Life Insurance Co., Ltd. works in the insurance business. It engages in the health life, accident and insurance businesses; reinsurance; fund investment businesses authorized by laws, regulations or the state council; and agency business, consulting business and provision of services. The company operates in following segments: Group Life Insurance Individual Life Insurance and Short-term Insurance. The Individual Life Insurance segment provides lifetime insurance products to individual clients by offering annuities to individuals. The Group Life Insurance segment provides investment and insurance contracts to group entities by offering annuities products and life insurance to companies and institutions. The Short-term Insurance segment offers short-term health insurance and accident insurance to individuals and groups.
Its business covers, property & casualty insurance, pension plans, life insurance asset management, industrial investment and overseas operations. The company ranks at 37 in the Forbes global 2000 list for 2015.
It is ranked 2nd on the basis of market capitalization of $160.5 B.
1. Berkshire Hathaway
Berkshire Hathaway was founded by Oliver Chace in 1839.
It is an American multinational conglomerate, headquartered in Omaha, Nebraska, United States. It provides insurance services both on reinsurance and primary basis. The group includes companies like General Re, Berkshire Hathaway Primary Group, GEICO, and Berkshire Hathaway Reinsurance Group. The CEO is Warren Buffet. It employees 316000 people. Berkshire Hathaway, Inc. engages in diverse business activities including casualty and property insurance and reinsurance, freight rail transportation, utilities and energy, finance, manufacturing, retailing and services. Its business activities are conducted through foreign and domestic-based insurance entities.
Warren Buffet, transformed the old textile company into the insurance industry and other investments. Berkshire ventured into the insurance business after purchasing National Indemnity Company. It acquired an equity stake in Government Employees Insurance Company (GEICO) in 1970 and it is the major part of the insurance business for Berkshire today. Berkshire acquired General Re in 1998, which conducts global reinsurance business in life/health and property/casualty for the group. Berkshire acquired NRG, Dutch life Reinsurance Company from ING Group in 2007. Berkshire Hathaway reinsurance provides bond insurance for municipal and state bonds. The company ranks at 5thposition in the Forbes global 2000 list for 2015.
It is ranked 1 on the basis of market capitalization of $354.8 B.
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