20 World’s Biggest Insurance Companies in 202120 World’s Biggest Insurance Companies in 2021

20 World’s Biggest Insurance Companies in 2021- According to Annual Report of each insurance Company in 2021, there are 20 World’s Biggest Insurance Companies in 2021. These companies have millions of customers and manage billion US Dollar of Assets Under Managements (AUM). Based on financial structure, these company have billion dollars of assets and net income. Maybe Some people know about these companies and its products.

Basically, Insurance companies are companies that provide risk coverage services that give compensation for losses or damages due to an uncertain event. In our unpredictable life, the people or companies can minimize the financial effects of miscellaneous and unpredictable risk. Without the help of insurance products, the risk can disturb our activities and business and exhaust human’s internal finance.

20 World’s Biggest Insurance Companies in 2021- List of Insurance Companies

With the role of the insurance company, the potential huge losses can be minimized so that it can save our budget. But in our world, there are a million insurance companies with different and diversity of its products. They market insurance products to people all over the world to help people’s life. With unique and diversified products, the people have multiple choice in insurance products.

Based in business and financial, of all insurance companies from all over the world, there are just few of huge insurance companies. To compare all the companies, financial structure and business of companies can be used to measure the rank of companies. Here are the rank of insurance companies that based on the assets of Companies and net income (Profit) in Insurance Companies in 2021. All the data came from From Annual Report of Companies in 2021.

The Rank 20 World’s Biggest Insurance Companies Based on Assets

RankName of CompanyAssetsAssetsLiabilities Liabilities
Origin CurrencyUS Dollar Origin CurrencyUS Dollar
1Ping An Insurance10,142 Billion RMB 1,419 Billion US Dollar 9,064 Billion RMB1,268 Billion US Dollar
2Allianz SE1,139 Billion Euro 1,139 Billion US Dollar1,055 Billion Euro 1,055 Billion US Dollar
3AXA S.A775 Billion Euro 776 Billion US Dollar700 Billion Euro 700 Billion US Dollar
4Nippon Life Insurance773 Billion US Dollar773 Billion US Dollar693 Billion US Dollar693 Billion US Dollar
5Metlife Inc759 Billion US Dollar 759 Billion US Dollar 691 Billion US Dollar 691 Billion US Dollar
6Manulife Financial Insurance917 Billion CAD696 Billion US Dollar858 Billion CAD652 Billion US Dollar
7China Life insurance4,891 Billion RMB684 Billion US Dollar 4,412 Billion RMB617 Billion US Dollar
8Legal & Genenal Group Pc582 Billion Poundsterling675 Billion US Dollar571 Billion Poundsterling 662 Billion US Dollar
9American International Group596 Billion US Dollar 596 Billion US Dollar 527 Billion US Dollar 527 Billion US Dollar
10Assicurazioni Generali586 Billion Euro586 Billion US Dollar554 Billion Euro 554 Billion US Dollar
11CNP Assurances483 Billion Euro 483 Billion US Dollar 458 Billion Euro 458 Billion US Dollar
12Japan Post Insurance67,174 Billion Yen 483 Billion US Dollar 64,753 Billion Yen 466 Billion US Dollar
13Aegon N.V468 Billion Euro 468 Billion US Dollar442 Billion Euro 442 Billion US Dollar
14Zurich Insurance Group435 Billion US Dollar 435 Billion US Dollar 396 Billion US Dollar396 Billion US Dollar
15New York Insurance Company428 Billion US Dollar 428 Billion US Dollar 374 Billion US Dollar 374 Billion US Dollar
16Meiji Yasuda Life Insurance 415 Billion US Dollar 415 Billion US Dollar 374 Billion US Dollar 374 Billion US Dollar
17Aviva Plc358 Billion Poundsterling 415 Billion US Dollar 339 Billion Poundsterling 393 Billion US Dollar
18Dai-Chi Life Holdings351 Billion US Dollar 351 Billion US Dollar 322 Billion US Dollar 322 Billion US Dollar
19Sumitomo Life Insurance 351 Billion US Dollar 351 Billion US Dollar 338 Billion US Dollar 338 Billion US Dollar
20Prudential Financial Inc199 Billion US Dollar 199 Billion US Dollar 181 Billion US Dollar 181 Billion US Dollar
Source : Annual Report, 2021
Description : Origin Currency : Currency in the Annual Report
Currency Rate :
1 Euro = 1 US Dollar (USD)
1 Poundsterling (GBP) = 1.16 US Dollar (USD)
1 Yen (JPY)= 0.0072 US Dollar (USD)
1 Renminbi (RMB) = 0.14 US Dollar (USD)
1 Canadian Dollar (CAD) = 0.76 US Dollar (USD)
Origin Currency : Currency officially used in Annual Report 2021
US Dollar : Converted currency from Origin Currency to US Dollar

The company above was rank based on assets in 2021. The data can be obtained from balance sheet of Annual Report in 2021. Balance sheet basically measure the assets, liabilities, and equities of the company. Assets usually in non-current and current assets. Briefly, the assets of company showed the property that companies has own in running the business. Meanwhile, liabilities are the debt or loan of company that it must be pay back to its creditor.

The Rank 20 World’s Biggest Insurance Companies Based on Net Income

RankName of CompanyRevenueRevenueNet IncomeNet Income
Origin CurrencyUS Dollar Origin CurrencyUS Dollar
1Ping An Insurance1,287 Billion RMB180 Billion US Dollar 121 Billion RMB 16.9 Billion US Dollar
2American International Group52 Billion US Dollar 52 Billion US Dollar 9.9 Billion US Dollar 9.9 Billion US Dollar
3AXA S.A99 Billion Euro 99 Billion US Dollar 7.5 Billion Euro7.5 Billion US Dollar
4Allianz SE122 Billion Euro 122 Billion US Dollar7.1 Billion Euro 7.1 Billion US Dollar
5China Life insurance794 Billion RMB111 Billion US Dollar 50.9 Billion RMB7.1 Billion US Dollar
6Metlife Inc71 Billion US Dollar 71 Billion US Dollar 6.5 Billion US Dollar 6.5 Billion US Dollar
7Zurich Insurance Group69 Billion US Dollar 69 Billion US Dollar 5.4 Billion US Dollar 5.4 Billion US Dollar
8Manulife Financial Insurance61, Billion CAD46 BIllion US Dollar 6.9 Billion CAD5.2 Billion US Dollar
9New York Insurance Company40, Billion US Dollar 40 BIllion US Dollar 4.9 Billion US Dollar 4.9 Billion US Dollar
10Assicurazioni Generali99, Billion Euro 99 Billion US Dollar 3.1 Billion Euro 3.1 Billion US Dollar
11Nippon Life Insurance73 Billion US Dollar 73 Billion US Dollar 3 Billion US Dollar 3 Billion US Dollar
12Legal & Genenal Group Pc45 BIllion Poundsterling 52 Billion US Dollar2 Billion Poundsterling 2.3 Billion US Dollar
13Aviva Plc33, Billion Poundsterling 38 Billion US Dollar 2 Billion Poundsterling2.3 Billion US Dollar
14Aegon N.V53 Billion Million Euro 53 Billion US Dollar 1.7 Billion Euro 1.7 Billion US Dollar
15Meiji Yasuda Life Insurance 36 Billion US Dollar 36 Billion US Dollar 1.7 Billion US Dollar 1.70 Billion US Dollar
16Dai-Chi Life Holdings34 Billion US Dollar 34 Billion US Dollar 1.7 Billion US Dollar 1.7 Billion US Dollar
17CNP Assurances31 Billion Euro31 Billion US Dollar 1.5 Billion Euro 1.5 Billion US Dollar
18Japan Post Insurance6,454 Billion Yen 46.4 Billion US Dollar 166 Billion Yen 1.1 Billion US Dollar
19Sumitomo Life Insurance 29 Billion US Dollar 29 Billion US Dollar 0.37 Billion US Dollar 0.37 Billion US Dollar
20Prudential Financial Inc26 Billion US Dollar 26 Billion US Dollar (-2.8 Billion US Dollar )(-2.8 Billion US Dollar )
Source : Annual Report, 2021
Description : Origin Currency : Currency in the Annual Report
Currency Rate :
1 Euro = 1 US Dollar (USD)
1 Poundsterling (GBP) = 1.16 US Dollar (USD)
1 Yen (JPY)= 0.0072 US Dollar (USD)
1 Renminbi (RMB) = 0.14 US Dollar (USD)
1 Canadian Dollar (CAD) = 0.76 US Dollar (USD)
Origin Currency : Currency officially used in Annual Report 2021
US Dollar : Converted currency from Origin Currency to US Dollar

The rank above is based on the income statement of company in 2021. Income statement basically measure the performance of company’s business in specific time.  The company that has positive net income showed the company in the right track of its business. Overall, the efficiency and effectiveness of company in doing business can be measured in the income statements.

Brief Description 20 World’s Biggest Insurance Companies in 2021

1.Ping an insurance       

20 World’s Biggest Insurance Companies in 2021- Ping An

Historically, Ma Mingzhe found this company in 1988. Until now, this company has main office in Shenzhen, China. Until 2021, the Chinese-based company has assets 10,142 billion RMB / 1,419 billion US Dollar and liabilities 9,064 billion RMB / 1,268 billion US Dollar. Based on the business performance in 2021, the company gained revenue around 1,287 billion RMB / 180 billion US Dollar and net income around 121 billion RMB / 16.9 billion US Dollar.

2.Allianz SE       

20 World’s Biggest Insurance Companies in 2021- Allianz

Allianz SE is one of the biggest insurance companies in 2021. Historically, it was founded on 5 February 1890 by Carl von Thieme. Geographically, this company has head office in Munich, Germany, in 2021, the Insurance companies has assets around 1,139 billion Euro / 1,139 billion US Dollar and Liabilities around 1,055 billion Euro / 1,055 billion US Dollar. Based on the business performance in 2021, the company gained revenue around Revenue 122 billion Euro / 122 billion US Dollar and net income around Net Income 7.1 billion Euro / 7.1 billion US Dollar.

3.AXA S.A          

20 World’s Biggest Insurance Companies in 2021- AXA

AXA is France-based insurance company that was founded in 1816 by Claude Bébéar. This company has long journey in financial industry especially in Insurance sector. In 2021, financially, based on its published annual report, the company has assets around 775 billion Euro / 776 billion US Dollar and liabilities around liabilities around 700 billion Euro / 700 billion US Dollar. Based on the business performance in 2021, the company gained revenue 99 billion Euro / 99 billion US Dollar and Net income around 7.5 billion Euro / 7.5 billion US Dollar.

4.Nippon Life Insurance             

20 World’s Biggest Insurance Companies in 2021- Nissay

Nippon Life Insurance Company or Nihon Seimei Hoken Sōgo-gaisha, simply known as Nissay was founded on July 4, 1889. To date, the company has main office Imabashi Sanchōme, Chūō-ku, Osaka, Japan. Along with the development of the company, in 2021, the company has assets 773 billion US Dollar and liabilities around 693 billion US Dollar. Based on the business performance in 2021, the company can gain revenue around 73 billion US Dollar and Net Income around 3 billion US Dollar.

5.Metlife Inc     

20 World’s Biggest Insurance Companies in 2021- Metlife

MetLife inc is one of the oldest and the biggest insurance company in the world. Historically, the company was founded on March 24, 1868. Geographically, the company has main  office in MetLife Building, New York City, USA. In 2021, the company has assets around 759 billion US Dollar and liabilities around 691 billion US Dollar. Based on its performance in 2021, the company can gain revenue around 71 billion US Dollar and net income around 6.5 billion US Dollar.  

6.Manulife Financial Insurance

20 World’s Biggest Insurance Companies in 2021- Manulife

Manulife is the Canadian biggest one with billions of consumers and income. Historically, this company was founded on June 23, 1887, and still has head office in Toronto, Ontario, Canada. In 2021, according to its annual report, the company has assets around 917 billion CAD / 696 billion US Dollar and liabilities around 858 billion CAD / 652 billion US Dollar. Based on the business performance in 2021, the company gained revenue around 61 billion CAD / 46 billion US Dollar and Net Income around 6.9 billion CAD / 5.2 billion US Dollar.

7.China Life insurance  

20 World’s Biggest Insurance Companies in 2021- China Life

China Life insurance is another biggest insurance company from China. Historically, China life insurance was founded in 1949 and still has main office in Beijing, China. Financially based on the annual report in 2021, this company has assets around assets 4,891 billion RMB       / 684 billion US Dollar and liabilities around 4,412 billion RMB / 617 billion US Dollar. Based on the business performance of the company, China Life can get revenue 794 billion RMB / 111 billion US Dollar with net income around 50.9 billion RMB / 7.1 billion US Dollar.

8.Legal & Genenal Group Plc     

20 World’s Biggest Insurance Companies in 2021- Legal and General

Legal & General Group plc, commonly known as Legal & General, is a British multinational insurance company headquartered in London, England. in 2021, the company has assets around 582 billion Pound sterling / 675 billion US Dollar with liabilities around 571 billion Pound sterling / 662 billion US Dollar. Based on the business performance in 2021, the company can gain revenue around 45 billion Pound sterling / 52 billion US Dollar with Net income around 2 billion Pound sterling / 2.3 billion US Dollar.  

9.American International Group             

20 World’s Biggest Insurance Companies in 2021- American International Group

American International Group, Inc., also known as AIG, is an American multinational insurance corporation. Historically, Cornelius Vander Starr found this company on December 19, 1919. Based on the financial structure on Balance sheet, the American-based company has assets around 596 billion US Dollar with liabilities around 527 billion US Dollar. Based on the business performance in 2021, the company can get revenue around 52 billion US Dollar with net income around 9.9 billion US Dollar.  

10.Assicurazioni Generali           

20 World’s Biggest Insurance Companies in 2021- Generali

Assicurazioni Generali S.p.A. or simply known as Generali Group is based on Trieste, Italy. It was founded in 1831. Along with the development of business of the company, in 2021, the company has assets 586 billion Euro / 586 billion US Dollar and liabilities around 554 billion Euro / 554 billion US Dollar. Based on the business performance in 2021, the company can get revenue around 99 billion Euro / 99 billion US Dollar and Net Income around 3.1 billion Euro / 3.1 billion US Dollar.

11.CNP Assurances       

20 World’s Biggest Insurance Companies in 2021- CNP Assurances

CNP Assurances is a French company engaged in the financial sector. This company was founded in 1959 and has many branches office in some countries. In 2021, based on the balance sheet, the company has asset around 483 billion Euro / 483 billion US Dollar with liabilities around 458 billion Euro / 458 billion US Dollar. Based on the business performance in 2021, the company get revenue around 31 billion Euro / 31 billion US Dollar with net income around 1.5 billion Euro / 1.5 billion US Dollar. 

12.Japan Post Insurance            

20 World’s Biggest Insurance Companies in 2021- Japan Post Insurance

Japan Post Insurance Co., Ltd. or in Japanese known as Kabushiki-gaisha Kanpo Seimei Hoken is a Japanese insurance company that was founded on October 1, 2007. Geographically, this company has head office in Tokyo, Japan. Based on the financial structure, the company has assets around Assets 67,174 billion Yen / 483 billion US Dollar with liabilities around 64,753 billion Yen / 466 billion US Dollar. Based on the business performance in 2021, the company get revenue around 6,454 billion Yen / 46.4 billion US Dollar and Net Income around 166 billion Yen / 1.1 billion US Dollar.

13.Aegon N.V   

20 World’s Biggest Insurance Companies in 2021- Aegon

Aegon N.V. is a Dutch multinational company headquartered in The Hague, Netherlands. Historically, It was founded in 1983. In 2021, based on the financial structure of company, Aegon has assets around 468 billion Euro / 468 billion US Dollar with liabilities around 442 billion Euro / 442 billion US Dollar. Based on the business performance in 2021, the company get revenue around 53 billion Million Euro / 53 billion US Dollar with Net Income around 1.7 billion Euro / 1.7 billion US Dollar.

14.Zurich Insurance Group        

20 World’s Biggest Insurance Companies in 2021- Zurich Insurance

Zurich Insurance Group Ltd is a Swiss insurance company that has head office in Zürich. Historically, this company was founded in 1872 and still has head office in Zürich, Switzerland. Based on the financial structure on Balance sheet in 2021, the company has assets around 435 billion US Dollar with liabilities around 396 billion US Dollar. Based on the business performance in 2021, the company get revenue 69 billion US Dollar and net Income around 5.4 billion US Dollar.

15.New York Insurance Company          

20 World’s Biggest Insurance Companies in 2021- New York Life

New York Life Insurance Company (NYLIC) is one of the largest insurance companies in the United States. Based on the Balance sheet, the company has assets around 428 billion US Dollar with liabilities around 374 billion US Dollar. Based on the business performance in 2021, the company gained revenue 40 billion US Dollar with net income around 4.9 billion US Dollar.

16.Meiji Yasuda Life Insurance

20 World’s Biggest Insurance Companies in 2021- Meiji Yasuda

Meiji Yasuda Life Insurance Company   is a Japanese   insurance company, headquartered in Tokyo and formed in 2004 with the merger between Meiji Life and Yasuda Life. Based on the balance sheet in 2021, the company has assets around 415 billion US Dollar with liabilities around 374 billion US Dollar. Based on the business performance in 2021, the company get revenue around 36 billion US Dollar with Net Income around 1.7 billion US Dollar.

17.Aviva Plc      

20 World’s Biggest Insurance Companies in 2021- Aviva

Aviva plc is a British multinational insurance company headquartered in London; England. Historically, this company started the business since 2000. Based on the balance sheet 2021, the company has assets around 358 billion Pound sterling / 415 billion US Dollar with liabilities around 339 billion Pound sterling / 393 billion US Dollar. Based on the business performance in 2021, the company can gain revenue around 33, Billion Pound sterling / 38 billion US Dollar with net income around 2 billion Pound sterling/ 2.3 billion US Dollar.

18.Dai-Chi Life Holdings             

20 World’s Biggest Insurance Companies in 2021- Dai-Ichi Life

The Dai-ichi Life Insurance Company, Limited or Dai-ichi Seimei Hoken Kabushiki-kaisha (Japanese language) is one of the biggest insurance companies from Japan. It was founded on September 15, 1902, by Tsuneta Yano. Financially, based on the balance sheet of the company, Dai-chi has assets around 351 billion US Dollar with liabilities around 322 billion US Dollar. Based on the business performance in 2021, the company has revenue around 34 billion US Dollar with Net Income around 1.7 billion US Dollar.   

19.Sumitomo Life Insurance

20 World’s Biggest Insurance Companies in 2021- Sumitomo Life

Sumitomo Life Insurance Company or in Japanese known as Sumitomo Seimei Hoken Sōgo-gaisha, Sumisei is a mutual life insurance company that was founded in 1907 and has head office in Osaka. Based on the balance sheet in 2021, the company has assets around 351 billion US Dollar with liabilities around 338 billion US Dollar. Based on the business performance in 2021, the company has revenue around 29 billion US Dollar with net income around 0.37 billion US Dollar  .

20.Prudential Financial Inc        

20 World’s Biggest Insurance Companies in 2021- Prodential

Prudential Financial or formerly known as “Friendly Assurance Company” was founded in New Jersey in 1875 by John Dryden. The company still has head office in Newark, New Jersey, USA. Based on the financial structure in 2021, the company has assets around 199 billion US Dollar with Liabilities 181 billion US Dollar. Based on the business performance in 2021, the company has revenue 26 billion US Dollar with net loss (-2.8 Billion US Dollar). 

Bibliography 20 World’s Biggest Insurance Companies in 2021

Ping An Insurance. 2022. Annual Report 2021. Accessed via https://group.pingan.com/investor_relations.html  on August 30th, 2022

American International Group. 2022. Annual Report 2021. Accessed via https://www.aig.com/investor-relations/annual-reports-and-proxy-statements  on August 30th, 2022

AXA S.A. 2022. Annual Report 2021. Accessed via https://www.axa.com/en/investor/annual-and-interim-reports  on August 30th, 2022

Allianz SE. 2022. Annual Report 2021. Accessed via https://www.allianz.com/en/investor_relations/results-reports/annual-reports.html on August 30th, 2022

China Life insurance. 2022. Annual Report 2021. Accessed via https://www.e-chinalife.com/tzzgx/investor-relations/faqs/   on August 30th, 2022

Metlife Inc. 2022. Annual Report 2021. Accessed via https://investor.metlife.com/financials/annual-reports/default.aspx on August 30th, 2022

Zurich Insurance Group. 2022. Annual Report 2021. Accessed via https://www.zurich.com/en/investor-relations/results-and-reports  on August 30th, 2022

Manulife Financial Insurance. 2022. Annual Report 2021. Accessed via https://www.manulife.com/en/investors/results-and-reports.html  on August 30th, 2022

New York Insurance Company. 2022. Annual Report 2021. Accessed via https://www.newyorklife.com/about/financial-information  on August 30th, 2022

Assicurazioni Generali. 2022. Annual Report 2021. Accessed via https://www.generali.com/investors/reports-and-presentations on August 30th, 2022

Nippon Life Insurance. 2022. Annual Report 2021. Accessed via https://www.nissay.co.jp/english/annual/2021.html  on August 30th, 2022

Legal & Genenal Group Pc. 2022. Annual Report 2021. Accessed via https://group.legalandgeneral.com/en/investors/results-reports-and-presentations on August 30th, 2022

Aviva Plc. 2022. Annual Report 2021. Accessed via https://www.aviva.com/investors/reports/ on August 30th, 2022

Aegon N.V. 2022. Annual Report 2021. Accessed via https://www.aegon.com/investors/annual-reports/  on August 30th, 2022

Meiji Yasuda Life Insurance. 2022. Annual Report 2021. Accessed via https://www.meijiyasuda.co.jp/english/disclosure/annual-reports/backnumber/2021.html on August 30th, 2022

Dai-Chi Life Holdings. 2022. Annual Report 2021. Accessed via https://www.dai-ichi-life-hd.com/en/investor/library/annual_report/index.html on August 30th, 2022

CNP Assurances. 2022. Annual Report 2021. Accessed via https://www.cnp.fr/en/the-cnp-assurances-group/newsroom/publications on August 30th, 2022

Japan Post Insurance. 2022. Annual Report 2021. Accessed via https://www.japanpost.jp/en/ir/ on August 30th, 2022

Sumitomo Life Insurance. 2022. Annual Report 2021. Accessed via https://www.sumitomolife.co.jp/english/annual/ on August 30th, 2022 

Prudential Financial Inc. 2022. Annual Report 2021. Accessed via https://www.prudentialplc.com/en/investors/reports/2021 on August 30th, 2022

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