Insurance

The World’s Largest Insurance Companies In 2022 (According To Forbes)

The World’s Largest Insurance Companies In 2022 (According To Forbes)

The World’s Largest Insurance Companies In 2022 (According To Forbes)

The World’s Largest Insurance Companies In 2022 (According To Forbes)

Largest Insurance Companies In The World 2022

Insurance firms are the perfect place for investors to hunt for gains during the current market slump. A 2 per cent decline for the S&P Insurance Select Industry Index this year has outperformed the S&P 500’s 16 per cent decline. This is due to increased rates, which increase the amount of money that insurers make.

This year’s Forbes Global 2000, which ranks the world’s 2,000 largest public firms based on a composite score taking into consideration their revenue, profit, assets, and market value, included a total of 105 insurance companies. 11 of the top 100 companies on the list are insurers, and they are located in China, the United States, Germany, France, Hong Kong, and Switzerland.

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The top-ranked insurance business on the Global 2000 remains China’s Ping An group, despite having suffered greater difficulties in the past year than many of its American and European competitors, which caused it to drop 11 ranks to No. 17 on the list. Its net profit dropped by 29% to $15.7 billion in 2021 as a result of an impairment charge of $6.4 billion tied to investments in China Fortune Land Development, one of numerous indebted Chinese real estate developers that filed for bankruptcy last year. According to its annual report, Ping An has $32 billion invested in real estate assets as of the end of 2021, making up 5.5 percent of its overall investment assets.

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Due to that vulnerability, its stock has dropped by 50% since the start of 2021. With $181 million in sales in 2021, up 7% from the previous year, and 227 million retail clients, up from 218 million at the end of 2020, Ping An is still a huge cash cow. The company, which has total assets of $1.6 trillion, provides banking, asset management, and healthcare services in addition to insurance.

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The World’s Largest Insurance Companies In 2022

UnitedHealth Group, which is ranked No. 21 on the list, is the company that has made the most progress among U.S. insurance companies this year. With $298 billion in annual revenue, UnitedHealth ranks seventh among all publicly traded firms in the world, only behind CVS Health and car manufacturers like Toyota and Volkswagen. Since last October, the company’s stock has increased by 25%. In March, the firm reached an agreement to acquire home healthcare provider LHC Group for $5.4 billion.

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Despite owning a sizable insurer in Aetna, CVS is categorized as a pharmacy retailer rather than an insurance provider and comes in at number 42 on the list. The top five insurers are China Life Insurance Co., France’s AXA, Germany’s Allianz, and Germany’s Allianz.

MetLife, based in New York, and Cigna, a health insurance based in Connecticut, both rank 74 and 84 in the Global 2000’s top 100. One of the top gainers on the list, American International Group rose from position 439 to 90 from the previous year. AIG’s revenue increased by 19% to $52 billion in 2021, and it posted a $9.4 billion net income attributable to shareholders as opposed to a $6 billion net loss in the previous year. AIG took a particularly hard hit from Covid, dropping two-thirds of its market value in late February and early March 2020; however, its stock has since made up for those losses. This year, shares of MetLife and Cigna have grown as well, avoiding the general market devastation.

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The World’s Largest Insurance Companies In 2022

Other American names on the list would be familiar to anybody who’s used to sitting through television commercials: Aflac, Allstate, Progressive and Travelers, to name a few. Allstate and Progressive trail only privately owned State Farm in market share for U.S. car insurance and are both ahead of Berkshire Hathaway’s Geico.

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All the insurance companies on this years Global 2000 are listed below.

COMPANY  COUNTRY  GLOBAL 2000 RANK  MARKET VALUE (BILLIONS)
UnitedHealth Group Incorporated United States 21 $490.15
MetLife, Inc. United States 74 $57.39
Cigna Corporation United States 84 $81.21
American International Group, Inc. United States 90 $48.73
Zurich Insurance Group Switzerland 80 $69.22
Chubb Limited Switzerland 95 $87.31
AIA Group Limited Hong Kong 73 $120.19
Allianz Germany 35 $96.42
AXA SA France 48 $65.75
Ping An Insurance (Group) Company of China, Ltd. Class H China 17 $121.69
China Life Insurance Co. Ltd. Class H China 71 $43.02

IBEH C. JOE

Financial analyst, Entrepreneur, Blogger and Business model

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