Top 10 Insurance Companies in the World 2023

Published in Top Brands category by MBA Skool Team , Last Updated: July 30, 2023

In this article, we have prepared the list of top Insurance companies in the world 2023 based on business parameters of Revenue and Profit. Top Insurance Companies have been dynamic and very much competitive in recent years. The insurance industry is on the verge of getting disrupted for which technological changes, customers’ expectations for 24 hours service and changes in regulations and standards are cited as the main reasons.

Top insurance companies are now using technology like automation, AI/ML and blockchain in areas of claims processing, cashless hospitalization, online applications and premiums, quick clearance, adjudication etc. Hence, the whole insurance marketplace is getting redefined.

Top Insurance Companies 2023 by Revenue & Profits

The best insurance companies in the world are quite large in terms of market capitalization and are part of big financial brands globally. The list of top insurance companies include names like Berkshire Hathaway, AXA, Ping An followed by Allianz, Japan Post, Prudential Financial etc. Here is the list of the top 10 Insurance companies in world 2023.

Rank 1. Berkshire Hathaway

Berkshire Hathaway is a conglomerate holding company headquartered in Nebraska, USA.

Image: company website

With a shareholder equity of $348 billion, Berkshire Hathaway is one of the oldest player in insurance industry which had been established in 1839. Its products and services are available through individual agencies and brokers.

It is engaged in a diverse number of business activities among which Insurance and Reinsurance business are primary ones. These two businesses are conducted through numerous domestic and foreign based insurance entities. In 2014, by forming Berkshire Hathaway specialty Insurance this company entered into commercial insurance. With Asian regional offices in Singapore, Hongkong, Malaysia and Macau, BHSI recently has established an office in Dubai where it concentrates on specialty and commercial insurance in the lines of construction, marine, property, casualty, energy, professional and executive. Berkshire’s insurance companies maintain capital strength at exceptionally high levels, which differentiates them from their competitors hence it is number one in the list of top insurance companies. The company has an employee base of approx. 3.6 lacs.

Parameters ($billion)

Revenue: 302

Profit: -22

Rank 2. Ping AN Insurance

Ping AN Insurance among the top insurance companies in the world.

Image: company website

This company was established in 1988 with its headquarter in Shenzen, China. The firm has approximately 320,000+ dynamic workforce and is the largest and most valuable insurer of the world. It operates through three subsidiaries namely Ping An Bank, Ping An Securities and Ping An Trust. According to Brand Finance, this company has the highest brand value among all Insurance companies internationally. It ranks consistently in Forbes Global 2000 list. The company has positioned itself as World leading technology powered Personal Finances services group. It has two focuses- Pan Financial assets and Pan Health Care and two growth models- Finance plus Technology and Finance plus Ecosystem. It has achieved continuous CAGR of 25-29% in Total earnings and Total assets since many years. It is engaged in a diverse variety of businesses such as Life and Health, Property and casualty, Banking, Trust, Securities, Fintech and Health-tech and other Asset management. Ping An Bank’s retail strategic transformation generated positive effects as the bank’s revenue and net profit from retail banking grew by 41.7% and 68.3% year on year respectively.

Parameters ($billion)

Revenue: 166

Profit: 12

Rank 3. Allianz Insurance

Allianz Insurance was established in 1890 in Munich, Germany.

Image: Wikimedia

Since then, this company has been very competitive in insurance industry and now operates in 70+ countries around the world with 140,000 workforce. With core businesses in Insurance and Asset management, it offers a wide range of property-casualty and life/health insurance products to both retail and corporate customers. For P&C segment, these include motor, accident, property, general liability, travel insurance and assistance services. It is the leading P&C insurer worldwide and comes in top five in the Life/Health insurance business. The Allianz group has come a long way and delivered net income of $6.8 billion in this year in spite of numerous natural disasters. For this success, the company gives credit to the global strategy program “Renewal Agenda”. Under this program, they started focus on Technical excellence and Customer satisfaction which helped them in 3% growth in annual revenue. The customer satisfaction has reached above average level in more than 60% of the businesses. According to Brand Finance, Allianz has the second highest brand value of all the global insurance companies. This brand is known for quality and expertise, trust and reliability- all these attributes have been intact with Allianz in the last few decades.

Parameters ($billion)

Revenue: 134

Profit: 7

Rank 4. China Life Insurance

China Life Insurance Company Limited was established in 2003 headquartered in Beijing, china.

Image: Wikimedia

This 70% state-owned firm is a leading life insurance company and one of the largest asset management firm in China. Apart from individual and group life insurance services, it also provides a wide variety of insurances such as accident and health insurance, reinsurance, Fund investment both long term and short term. Being customer-oriented, the Company started its business process reengineering, constructed a new business model and technological infrastructure. In order to ease and improve customer experience and operational efficiency, it launched more than 20 new applications. In this way, the Company has taken a remarkable step towards technological transformation and now started working in an Internet-based operation and management mode. With the help of largest market share in terms of Gross written premiums, the company reinforced first-mover advantage in rural markets and improved competitive atmosphere in large- and medium sized cities making it in the list of top insurance companies worldwide.

Parameters ($billion)

Revenue: 124

Profit: 4

Rank 5. AXA

AXA is a very old company which was established in 1852 in Paris, France.


The name was intentionally chosen so as to be easily pronounced by people belonging to any language. It has presence in Asia, North America, Western Europe and the Middle East with workforce of approximately 100,000. This company is specialized in Life, Health, Protection and P&C commercial lines segments. With approx 100 million customers in 56 nations worldwide, the company ranks regularly in the Forbes 2000 list. Recently, the group has restructured its organization and divided itself into six segments of operation – International, France, Asia, USA, Europe and Transversal and Central Holdings. For expanding customer reach to SMEs and individuals, it is developing Parametric Insurance solutions through AXA Global Para metrics unit. AXA works not only in insurance field but also in banking, asset management, investment and other financial branches. It distributes products through exclusive and non-exclusive channels including exclusive agents, salaried sales forces, direct sales, banks, as well as brokers, independent financial advisors, aligned distributors or wholesale distributors and partnerships making it 4th in the top insurance companies list.

Parameters ($billion)

Revenue: 111

Profit: 6 

Rank 6. The People’s Insurance Company (PICC)

The People’s Insurance Company (Group) of China Limited was established in 1949 headquartered in Beijing, China.

Image: company website

Within 69 years, it succeeded to becoming among the top insurance companies in the world. It is a state-owned company which promotes insurance services through Asset Management company Limited and Property and Casualty Company limited- its two subsidiaries. This company provides a variety of insurance services ranging from Property and Casualty, Life and health insurance, Asset management and Reinsurances inside the group. With employee base of more than 1lac, company worked a lot towards marketization and prevention of financial risks in P&C insurance. In face of the complex and fierce market competition, this segment strengthened strategic guidance, redesigned organizational structure, inspired and implemented proactive financial policy, assessed market benchmarking and promoted upgrades. The result is remarkable with an increase of 20% on annual net income. This company is ranked 8th in its Insurance companies list.

Parameters ($billion)

Revenue: 93

Profit: 3

Rank 7. Generali

Generali is one of the top insurance companies in the world.

Image: Wikimedia

Generali offers a variety of solutions to the customers like life insurance, health insurance and other financial services. The company has a strong worldwide presence and has operations in more than 100 countries worldwide. Generali has an expert workforce which provides solutions to customers based on their needs and requirements. The company is based out of Italy and was found in the year 1831. The subsidiary brands of the company includes names like Genertel, Alleanza Toro, Ina Assitalia, Europ Assistance Group. The Generali group has a strong customer base in Europe and has over the last few years had a strong presence in America, Asia and Africa as well. With a good brand value, the company has established in the minds of the consumers through various marketing and advertising activities. The company has sponsored several global events as well as sports teams in Italy, France and other European countries.

Parameters ($billion)

Revenue: 91

Profit: 3

Rank 8. Japan Post Holdings

With a huge employee base of around 2.5 lacs, this company is the Number One Japanese insurance company headquartered in Tokyo.

Image: company website

Japan Post Insurance company Limited offers Life insurance, medical insurance, automobile insurance and Education endowment in addition to ordinary endowments. It connects and sells to customers through agencies and its own post offices which can be found in every corner of the country as bases of operations. Using Post offices helps it in two ways- nation wide network availability and reach to individuals and households. With regards to products and services, it promoted an initiative called “Kampo Platinum Life Service” to offer elderly customer-friendly services that emphasize a sense of security and trust by improving contacts with all of its customers-individuals and corporates. The company has wholesale divisions placed in 76 major cities nationwide. Through these units, products and services are sold directly and primarily to corporate and worksite markets. From April 2017, use of IBM Watson in daily business improved operational efficiency. This Insurance division of this company is ranked 6th in its Insurance companies list.

Parameters ($billion)

Revenue: 83

Profit: 3

Rank 9. Prudential Financial

Prudential Financial Inc. was founded in 1872 in Ohio, USA.

Image: Wikimedia

It basically has insurance and investments as two primary businesses however, it also engages in additional insurance specialties through its subsidiaries and affiliates. The employee strength is around 50,000. In 2018, the company decided to divide up into two entities. M&G Prudential is one of the leading retirement and savings businesses in UK and Europe. Another group i.e. the international Group will combine Asia, US and Africa businesses and will take advantage of growth opportunities here. Throughout the demerger process, the company has kept customer as topmost priority. In 2017, the Group published its first environmental, social and governance report, demonstrating that how it deals with stakeholders and customers alike with the same sense of responsibility and commitment and how it engages with investors and regulators on ESG risks and solutions. Apart from core business activities, the company also focusses on financial education, disaster preparedness and social inclusion. Prudential is 10th on the top insurance companies list.

Parameters ($billion)

Revenue: 62

Profit: 19

Rank 10. MetLife Inc

Metlife originated in year 1868 and since then has contributed a lot in financial services providing insurance, annuities, employee benefits and asset management.

Image: Wikimedia

Metlife is headquartered in NewYork, USA. With employee base of 58000 it is a well-known leader in insurance world for innovation and for splendid protection planning and launch of solutions in retirement and savings. It has five segments- Asia, USA, Europe, Latin America, Middle East and Africa and Metlife Holdings. Through organic growth, acquisitions, joint ventures and other partnerships, they have strong global presence over 60 countries. In 2013, Metlife foundation has committed to have financial inclusion of low-income and poor individuals and families. For this, now they follow five-year plans of $200 million. The company through MetLife Customer Solutions Center has become much customer focused and provide them security and trust. Metlife customer service has employed 2,100 representatives and sales agents who attend and resolve around 32 million pre-sales and post sales problems of customers. This company is ranked 9th in its top Insurance companies list.

Parameters ($billion)

Revenue: 69

Profit: 2 

Insurance Companies Ranking Methodology

1. Top 20 insurance companies are shortlisted from all over the world.

2. Parameters like Revenue & Profits are chosen.

3. Weightage of 70% & 30% are given respectively and the total is calculated to evaluate the ranks.

This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.

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