Ping An Insurance (Group) Company of China and China Life Insurance (Group) Co remained among the world’s biggest insurers, according to global credit rating agency, AM Best.
AM Best released the rankings of the world’s largest global insurance companies, by net premiums written (NPW) and non-banking assets, in the January 2024 issue of Best’s Review.
Ping An stayed at No. 5. in terms of NPW while China Life Insurance (Group) Co was the only insurer in the top 25 ranking to see its NPW fall, down 0.7%, as it dropped to sixth place from No. 4.
US insurer, UnitedHealth Group, held onto the top spot in AM Best’s ranking for the ninth straight year, growing net premiums written (NPW) by 14% in 2022 to $257.2bn. In addition, Germany’s Allianz remained in its top spot by non-banking assets, at $1.1tn, despite a 10% drop from the previous year.
Measured by non-banking assets, Ping An surged to second behind Allianz from fourth place as its assets rose 11.4% to $960.7bn in 2022. China Life rose from the fifth position to fourth place.
The top 10 global insurers are as follows:
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Ranked by 2022 NPW
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Ranked by 2022 non-banking assets
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Source: AM Best
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