UnitedHealth Group and Allianz Retain Top Spots in AM Best’s World’s Largest Insurer Ranking

Rhea-AI Summary

AM Best has ranked AXA S.A. (symbol: AXAHY) as the 7th largest global insurer by net premiums written (NPW) with $60.7 billion in 2020, marking a prominent position in the insurance sector. In a separate ranking by non-banking assets, AXA S.A. secured the 2nd position with significant assets, demonstrating its robust financial standing. The report highlights a trend of growth among U.S. health insurers, particularly Centene Corporation, which experienced a 50% NPW increase year-over-year. The rankings were published in the Jan. 3, 2022 issue of BestWeek.

Positive

• AXA S.A. ranked 7th globally by NPW with $60.7 billion in 2020.
• AXA S.A. secured the 2nd position in non-banking assets, indicating strong financial health.

Negative

• None.

OLDWICK, N.J.--(BUSINESS WIRE)-- UnitedHealth Group Incorporated occupied the top spot in AM Best’s ranking of the world’s 25 largest insurance companies for a seventh straight year, with $201.5 billion in net premiums written (NPW) in 2020. In addition, Allianz SE and AXA S.A. occupied the No. 1 and No. 2 spots, respectively, in AM Best’s ranking by 2020 non-banking assets.

AM Best released the rankings of the world’s largest global insurance companies, by NPW and non-banking assets, in the Jan. 3, 2022, issue of BestWeek. The two rankings are based on BestLink data and additional research. Overall, two major Chinese insurers saw big gains in the ranking by assets, with Ping An Insurance (Group) Company of China Ltd. and China Life Insurance (Group) Co. Ltd. improving on their Top 10 rankings from a year ago.

U.S. health insurers dominated the ranking by NPW, as membership gains in government programs played a heavy role in creating premium growth at these companies. In particular, Centene Corp. rose to fourth place from 10th as its NPW grew year over year by nearly 50%, boosted by its acquisition of WellCare Health Plans in early 2020. Additionally, three other U.S.-based health insurers also saw double-digit NPW growth.

The top 10 global insurers ranked by 2020 NPW are as follows:

1. UnitedHealth Group Incorporated, United States
2. Ping An Insurance (Group) Company of China Ltd., China
3. China Life Insurance (Group) Company, China
4. Centene Corporation, United States
5. Anthem, Inc., United States
6. Kaiser Foundation Group of Health Plans, United States
7. AXA S.A., France
8. Allianz SE, Germany
9. People’s Insurance Company (Group) of China Ltd., China
10. Assicurazioni Generali S.p.A., Italy

The top 10 global insurers ranked by 2020 non-banking assets are as follows:

1. Allianz SE, Germany
2. AXA S.A., France
3. Prudential Financial Inc., United States
4. Ping An Insurance (Group) Company of China Ltd., China
5. Berkshire Hathaway Inc., United States
6. MetLife Inc., United States
7. Nippon Life Insurance Company, Japan
8. China Life Insurance (Group) Company, China
9. Legal & General Group plc, United Kingdom
10. Manulife Financial Corporation, Canada

BestWeek is published weekly by AM Best for insurance professionals, and is available as part of a subscription to the Best’s News & Research service. More information about the Best’s News & Research subscription service is available at http://www.ambest.com/sales/insurancenewsandresearch.asp, or by contacting AM Best Customer Service at +1 908 439 2200, ext. 5742, or +1 800 424 2378 when calling from the United States and Canada.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2022 by A.M. Best Company, Inc. and/or its affiliates.

ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220104005694/en/

Patricia Vowinkel

Executive Editor, BestWeek

+1 908 439 2200, ext. 5540

patricia.vowinkel@ambest.com

Source: AM Best

FAQ

What is AXA S.A.'s ranking in AM Best for NPW in 2020?

AXA S.A. was ranked 7th globally by net premiums written (NPW) with $60.7 billion.

What position did AXA S.A. achieve in AM Best's ranking by non-banking assets?

AXA S.A. secured the 2nd position in AM Best's ranking by non-banking assets.

What is the significance of the AM Best rankings published on January 3, 2022 for AXA S.A.?

The rankings reflect AXA S.A.'s strong market position and financial performance in the global insurance industry.