Insurance companies are one of the most important industries in the world today. Serving as the line of financial protection for individuals and businesses, insurance companies are the guaranteed way to protect themselves from potential risks and damages that might happen in the future. In the modern world, money is what makes most things happen. 

One misstep and hundreds of thousands of dollars in financial losses are not impossible. Whether it’s an accident, a medical condition, or a natural disaster, the damages brought about by these life events will always result in high expenses — no matter what. Life is full of ups and downs, and one can never be sure of the future. 

With the existence of insurance companies, people have never been more assured of their future without fearing losing all of their savings in a flash. This shows the importance of insurance companies in making the world a better place for everyone. Insurance companies work by covering the financial expenses incurred from damages to one’s health or property. 

These companies offer financial protection to people and businesses covered by their plans. In return, insurance companies can maintain their operations by regularly charging their customers a fixed premium to be paid at a certain period of time — usually every month. 

On that note, insurance companies have to have a lot of assets and resources on their side to keep their operations up and running. Here are 20 of the largest insurance companies in the world which were included in the Forbes Global 2000 list, a ranking system based on a scoring rating that considers several indicators such as their revenue, assets, total market value, and many other relevant factors.

20. Travelers 

With a good performance of around $35.31 billion in revenue, $108.59 billion in total assets, and $41.54 billion in total market value, The Travelers Company — commonly referred to as just ‘Travelers’, is an American insurance company which has been running for over 17- years and is also known for being one of the largest writers of commercial property casualty insurance and personal insurance through independent agents. 

Besides the mentioned insurance offerings, Travelers also offers insurance for a variety of cases, such as general and automobile liability insurance.

19. Dai-ichi Life Insurance

Dai-ichi Life Insurance is an insurance company based in Japan and is said to be the third-largest life insurer in the country to date. With around $66.73 billion in total revenue, $19.9 billion in market value, and a whopping $571.45 billion in total assets, Dai-ichi Life is another powerhouse easily considered one of the largest insurance companies in the world. 

Before it was demutualized, Dai-ichi Life was included in the prestigious group of the oldest mutual insurance companies ever established in Japan. With a reputation spanning literally more than a century, Dai-ichi Life’s future is looking bright as ever.

18. China Pacific Insurance 

China Pacific Insurance Company, also known as Pacific Insurance, is — as the name implies — an insurance company based in China that specializes in offering life and property insurance services — among the many other types of insurance that the company can provide to its customers. 

With over $68.07 billion in total revenue, $22.69 billion in market value, and approximately $300 billion in assets, the high company rating of the China Pacific Insurance Company allows it to be included in the list of the largest insurance companies in the world as of the moment.

17. Allstate

Allstate is an American insurance company that has been around for 91 years — almost a century. Throughout the period, the company has been able to successfully improve its insurance offerings, especially with its expertise in auto insurance, home insurance, and life insurance. 

Currently, the company has around $50.59 billion in total revenue, total assets of $90.66 billion, and $36.45 billion in total market value. With the wide variety of coverage options offered by Allstate, there is without a doubt that the company will experience even more gains in the years to come. 

16. ING Group

The ING Group is a multinational banking and financial services corporation based in Amsterdam. With revenues upwards of $21.49 billion, assets of $1.081 trillion, and a market value of approximately $39.03 billion as of this article’s writing, the ING Group is another strong contender on this list which is deserving to be included in the group of the largest insurance companies in the current industry. 

The company’s primary offerings, besides its top-notch insurance services, include retail banking, commercial banking, and investment banking

15. Tokio Marine Holdings 

Tokio Marine Holdings is a multinational insurance holding company that began in the nation of Japan. Currently, its headquarters is located in Tokyo, and since then, the company has spread its reach to over 38 countries and counting. The main scope of the company is non-life insurance, life insurance, and specialized securities. 

Besides being regarded as the oldest insurance company in Japan, Tokio Marine Holdings has expanded enough to reach $50.57 billion in total revenue, $35.19 billion in market value, and amounting to $234.91 billion in total assets. 

14. Generali Group

The Generali Group is another company that is highly regarded among its fellow competitors in the industry. Up to today, the company is known as one of the more significant companies in the insurance and financial products market. 

One of the largest insurance companies not only in Italy, but in the entire world, Generali Group has around $102.13 billion in total revenues, $664.52 billion in total assets, and $31.36 billion in market value. The company is known for providing reliable insurance plans to clients worldwide.

13. Munich Re

Munich Re, as the name suggests, is a German insurance company that has been around since the 1880s. Also known as the Munich Reinsurance Company, Munich Re is a reinsurance provider — basically, insurance for insurers. 

Currently, the company has $84.88 billion in total revenue, $358.97 billion in total assets, and $35.48 billion in total market value. Besides being the top company for traditional reinsurance, Munich Re specializes in other offerings, such as risk assumption. 

12. Manulife

Manulife is a multinational insurance company that began its story in the country of Canada — where it is also considered the largest insurance provider. Specializing in health, life, travel, and mortgage insurance, Manulife has gradually made its name known not only within the country but in the entire world as well. 

The remarkable record of Manulife among its customers allowed the company to reach record numbers of $47.17 billion in total revenue, $691.18 billion in total assets, and $39.76 billion in market value. 

11. Chubb

The insurance company Chubb — now more commonly branded as Chubb Limited — is formerly an American company that was incorporated in Switzerland. Chubb is also known all over the world as being the largest publicly traded property and casualty insurer. 

Operating in around 55 countries, it’s safe to say that the company is a superstar in the insurance industry and that its huge size and reach definitely count as one of the world’s largest. 

Currently, Chubb has $40.95 billion in revenue, $181.75 billion in total assets, and $87.31 billion in total market value.

10. AIG

The American International Group or AIG has been one of the most improved insurance companies on this list in terms of performance. With the numbers for AIG rising, specifically $52.06 billion in revenue, $521.83 billion in total assets, and $48.73 billion in total market value, it is not a surprise to see the company make the list of the largest insurance companies in the world as of today. 

Known for the variety of insurance services provided, the company’s expertise lies in casualty and life insurance services. 

9. Cigna 

Cigna is a Connecticut-based insurance company that specializes in the healthcare industry, providing top-of-the-line health insurance services to its clients all over the world. Based on the current Forbes Global 2022 rankings data, Cigna has collected around $174.27 billion in revenue, $151.02 billion in total assets, and $81.21 billion in total market value. 

Serving customers, patients, and clients all over the world, Cigna’s health insurance offerings are still definitely a hot topic. 

8. Zurich Insurance

Zurich Insurance is a Swiss insurance company that also experienced huge growth rates in the past few years. The multi-line insurer has clients not only locally but also abroad — offering several insurance services such as life and non-life insurance. 

Currently, Zurich Insurance is recorded to have $69.58 billion in revenue, $410.15 billion in total assets, and a sweet $69.22 billion in total market value.

7. MetLife

MetLife is an insurance company based in the United States that is considered to be one of the world’s largest providers of not only insurance services but also annuities and employee benefit programs. 

Serving almost 100 million clients in around 40 countries, MetLife’s success continues to grow as time passes by. The company has $71.08 billion in revenue, $759.71 billion in total assets, and $57.39 billion in total market value. 

6. AIA Group

AIA Group is one of the largest Asian-based insurance providers on this list. With more than a century’s worth of experience in the industry, AIA Group is not only one of the best-performing providers out there, but the company is also one of the most reliable insurance companies in history.

Headquartered in Hong Kong, the AIA Group continues expanding its operations internationally. Currently, AIA Group has around $45.16 billion in revenue, $334.88 billion in total assets, and $120.19 billion in total market value.

5. China Life

Located in the heart of China in Beijing, the insurance company China Life experienced significant growth in its total value from the previous years — and this can also be attributed to the growing size of the company. 

The hottest offerings of the company include life insurance policies, annuity contracts, and health insurance policies. The current revenue of China Life is estimated to be $130.5 billion, total assets at $769.88 billion, and market value at $43.02 billion.

4. AXA Group

Another business that received praise for its ongoing growth is the French insurance company AXA Group. The multinational organization is currently the world’s largest Property & Casualty (P&C) Insurer — however, AXA Group also has several other offerings, such as life insurance, health insurance, and even investment management services. 

The company has around $145.19 billion in revenue, $839.85 billion in total assets, and a market value of $65.75 billion.

3. Allianz

The multinational financial services provider and insurer Allianz is by far the biggest insurance provider on this list when it comes to the total asset value — with a whopping amount of $1.324 trillion on their records. 

As for their revenue, Allianz has gained around $138.62 billion, and the company’s market value is $96.42 billion. Similar to other companies on this list, Allianz offers a variety of services such as credit insurance, travel insurance, and asset management services. 

2. UnitedHealth Group

The UnitedHealth Group is currently the largest insurance company in the United States. The multinational healthcare and insurance company was also among the biggest companies in the Global 2000 list when it come to the total revenue amount (ranking ni 7th) — with revenues totaling up to $297.55 billion. 

The UHG’s total asset value is around $221.24 billion, and its market value is at $490.15 billion. The company specializes in life and health insurance offerings. 

1. Ping An Insurance Group

Last but not least, the largest insurance company in the world is none other than Ping An Insurance Group. Despite being at a competitive disadvantage due to its location — as compared to the easier conditions faced by other insurance companies based in the United States and Europe — the Ping An Insurance Group is currently on a hot streak when it comes to revenues and increasing customer base. 

To date, the insurance company has $181.37 billion in total revenues, an amazing asset value of $1.587 trillion, and a competitive market value of $121.69 billion.