9 Biggest Insurance Companies from Asia9 Biggest Insurance Companies from Asia

9 Biggest Insurance Companies from Asia- According to the Annual Report of Insurance companies in 2021, there are 9 biggest insurance companies from Asia. Maybe some of Asia people know these companies due to its insurance products and innovations.With around 4.5 billion People in Asia, this region always has bright prospects. Many growing countries can be found in Asia. With more people and more educated people in this region, the opportunity of insurance companies in Asia can grow positively from time to time.

9 Biggest Insurance Companies from Asia- List of Companies

Specifically, in Insurance industries, there are some insurance companies that has extensive market in Asia. These Asian insurance companies can compete with Europe and USA Insurance companies. Here is the rank of Biggest Insurance Companies From Asia in 2021. These ranks were arranged by two variables namely, Assets and Net Income of insurance companies in 2021.

Table Rank of 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
2Nippon Life Insurance773 Billion US Dollar773 Billion US Dollar693 Billion US Dollar693 Billion US Dollar
3China Life insurance4,891 Billion RMB684 Billion US Dollar 4,412 Billion RMB617 Billion US Dollar
4Japan Post Insurance67,174 Billion Yen 483 Billion US Dollar 64,753 Billion Yen 466 Billion US Dollar
5Meiji Yasuda Life Insurance 415 Billion US Dollar 415 Billion US Dollar 374 Billion US Dollar 374 Billion US Dollar
6Dai-Chi Life Holdings351 Billion US Dollar 351 Billion US Dollar 322 Billion US Dollar 322 Billion US Dollar
7Sumitomo Life Insurance 351 Billion US Dollar 351 Billion US Dollar 338 Billion US Dollar 338 Billion US Dollar
8China Pacific Insurance1,946 Billion RMB272 Billion US Dollar1,713 Billion RMB239 Billion US Dollar
9Tokio Marine Holding 27,245 Billion Yen196 Billion US Dollar 23,173 Billion Yen 166 Billion US Dollar
Source : Annual Report, 2021
Description : Origin Currency : Currency in the Annual Report
Currency Rate :
1 Yen (JPY)= 0.0072 US Dollar (USD)
1 Renminbi (RMB) = 0.14 US Dollar (USD)
Origin Currency : Currency officially used in Annual Report 2021
US Dollar : Converted currency from Origin Currency to US Dollar

The Rank Table above was composed by Assets of the company in 2021. All these data came from Annual Report of each insurance companies in 2021.The assets and liabilities could be look through the Balance sheet in Annual Report. Basically, Assets describe the tangible and intangible property that owned by the company. Meanwhile, the liabilities are the debt or obligation that insurance companies must be pay off in the futures.

Table Rank of Biggest Insurance Companies From Asia Baset 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
2China Life insurance794 Billion RMB111 Billion US Dollar 50.9 Billion RMB7.1 Billion US Dollar
3China Pacific Insurance436 Billion RMB61 Billion US Dollar27.6 Billion RMB3.8 Billion US Dollar
4Nippon Life Insurance73 Billion US Dollar 73 Billion US Dollar 3 Billion US Dollar 3 Billion US Dollar
5Tokio Marine Holding 5,863 Billion Yen 42 Billion US Dollar410 Billion Yen 2.9 Billion US Dollar
6Meiji Yasuda Life Insurance 36 Billion US Dollar 36 Billion US Dollar 1.7 Billion US Dollar 1.70 Billion US Dollar
7Dai-Chi Life Holdings34 Billion US Dollar 34 Billion US Dollar 1.7 Billion US Dollar 1.7 Billion US Dollar
8Japan Post Insurance6,454 Billion Yen 46.4 Billion US Dollar 166 Billion Yen 1.1 Billion US Dollar
9Sumitomo Life Insurance 29 Billion US Dollar 29 Billion US Dollar 0.37 Billion US Dollar 0.37 Billion US Dollar
Source : Annual Report, 2021
Description : Origin Currency : Currency in the Annual Report
Currency Rate :
1 Yen (JPY)= 0.0072 US Dollar (USD)
1 Renminbi (RMB) = 0.14 US Dollar (USD)
Origin Currency : Currency officially used in Annual Report 2021
US Dollar : Converted currency from Origin Currency to US Dollar

The Rank of the table above describes the performance of insurance companies annually. In this article, the business performance of insurance companies is in 2021. All these data came from income statement of annual report in 2021. 

Brief Description of Biggest Insurance Companies From Asia Based on Net Income

1.Ping an insurance

Ping an insurance still become the biggest insurance company from Asia. Historically, Ma Mingzhe found this company on 1988. Until now, this company has head office in Shenzhen, China. In 2021, the 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 on income statement 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.Nippon Life Insurance

Nippon Life Insurance is the 2nd biggest insurance company  from Asia and the biggest insurance company in Japan. Historically, Nippon Life Insurance Company or Nihon Seimei Hoken Sōgo-gaisha, simply known as Nissay was founded on July 4, 1889. Now, the company has head 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 generate revenue around 73 billion US Dollar and Net Income around 3 billion US Dollar.

3.China Life insurance

China Life insurance is another biggest insurance company from China. Historically, China life insurance was founded in 1949 and still has headquarter 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 on income statement in 2021, China Life can generate revenue around 794 billion RMB / 111 billion US Dollar with net income around 50.9 billion RMB / 7.1 billion US Dollar.

4.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 conditions in Balance sheet of annual report, 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.

5.Meiji Yasuda Life Insurance

Meiji Yasuda Life Insurance Company   is a Japanese   insurance company, headquartered in Tokyo and established in 2004 due to 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 can generate revenue around 36 billion US Dollar with Net Income around 1.7 billion US Dollar.

6.Dai-Chi Life Holdings

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. Financiallly, 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.

7.Sumitomo Life Insurance

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 primary office in Osaka. Based on the balance sheet of annual report in 2021, the company has assets around 351 billion US Dollar with liabilities around 338 billion US Dollar. Based on the business performance on income statement in 2021, the company has revenue around 29 billion US Dollar with net income around 0.37 billion US Dollar.

8.China Pacific Insurance

China Pacific Insurance (Group) Co., Ltd. (CPIC) or commonly known as Pacific Insurance is the China-based insurance company that was founded in 1991. To data, this insurance companies has primary office in Shanghai, China.  Financially, based on the balance sheet of the company in 2021, the company has assets around 1,946 billion RMB or equivalent with 272 billion US Dollar and liabilities around 1,713 billion RMB or equivalent with 239 billion US Dollar. Based business performance in 2021, the company can generate revenue around 436 billion RMB / 61 billion US Dollar with recorded Net Income around 27.6 billion RMB / 3.8 billion US Dollar.

9.Tokio Marine Holding

Tokio Marine Holdings, Inc is the Japanese insurance company that has primary office in Marunouchi, Tokyo, Japan. Historically, this insurance company was founded in 1879 and become the oldest insurance companies in Japan. Financially, in 2022, the Japan-based insurance company has assets around 27,245 billion Yen or equivalent with 196 billion US Dollar with liabilities around 23,173 billion Yen or equivalent with 166 billion US Dollar. Based on business performance in 2021, the company can generate revenue 5,863 billion Yen or equivalent with 42 billion US Dollar with net income around 410 billion Yen or equivalent with 2.9 billion US Dollar.

Bibliography of 9 Biggest Insurance Companies Fom Asia

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

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

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

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

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

China Pacific Insurance. 2022. Annual Report 2021. Accessed via https://www.cpic.com.cn/ir_en/  on September 30th, 2022.

Tokio Marine Holding. 2022. Annual Report 2021. Accessed via https://www.tokiomarinehd.com/en/ir/download/annual_report.html  on September 30th, 2022.

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