Financial
companies provide a variety of services to the customers. However, some
of the biggest financial services which individuals seek is insurance
for thir families, property, and even life. Here is a list of top 10
insurance companies in the world in 2014 based on their Market
Capitalization (measured in USD for 1st quarter 2014).
Berkshire
Hathaway Inc. is an American multinational conglomerate, headquartered
in Omaha, Nebraska, United States. It provides insurance services both
on a primary basis and a reinsurance basis. Its insurance and
reinsurance businesses are conducted through domestic and foreign based
insurance entities. The group includes companies like GEICO, General Re,
Berkshire Hathaway Primary Group, and Berkshire Hathaway Reinsurance
Group. As per Forbes list, Berkshire Hathaway is world’s 5th largest
public company.
The
company is known for its control by investor Warren Buffet, who
transformed the earlier textile company into the insurance industry and
other investments. Berkshire ventured into the insurance business after
purchase of National Indemnity Company. In 1970, it acquired an equity
stake in Government Employees Insurance Company (GEICO), which forms the
major part of the insurance business for Berkshire today. It mainly
offers private passenger automobile insurance through direct response
methods. Berkshire acquired General Re in 1998, which conducts global
reinsurance business in property/casualty and life/health for the group.
Berkshire acquired NRG, Dutch life Reinsurance Company from ING Group
in 2007. Berkshire Hathaway reinsurance provides bond insurance for
municipal and state bonds.
Revenues (FY13): $ 182 Billion
Net Profit (FY13): $19.5 Billion
Market Cap (Q1-14): $308 Billion
2) China
Life Insurance Company
China
Life Insurance Company and its subsidiaries form the largest commercial
insurance group in Mainland China. It is also one of the largest
institutional investors in China’s Capital market. Company headquartered
in Beijing is one of the large state-owned financial and insurance
companies. Company founded as PICC in 1996 was renamed as China life
Insurance Company in 1999. The China Life Insurance Group holds China
life insurance Company Limited, China Life Asset Management Company
limited, China Life Property & Casualty Insurance Company Limited,
China Life Pension Company Limited, China Life Insurance (Overseas)
Company Limited, China Life Investment Holding Company Limited, and
Insurance professional college as its subsidiaries.
Its
business covers life insurance, property & casualty insurance,
pension plans (corporate annuity), asset management, industrial
investment and overseas operations. The Company operates through 3
segments: Individual Life Insurance, Group Life Insurance and Short Term
Insurance. The Individual Life Insurance segment provides lifetime
insurance products to individual clients by offering participating and
non-participating life insurance and annuities to individuals. The Group
Life Insurance segment offers insurance and investment contracts to
group entities by offering participating and non-participating life
insurance and annuities products to companies and institutions. The
Short-term Insurance segment offers short-term accident insurance and
health insurance to individuals and groups. The company ranks at 66 in
the Forbes global 2000 list for 2014.
Revenues (FY13): $ 67.9 Billion
Net Profit (FY13): $4 Billion
Market Cap (Q1-14): $80 Billion
3) Allianz
SE
Allianz
SE is a German multinational financial services company headquartered
in Munich. The company was founded in 1890, with product portfolio of
marine and accident policies. With operations in more than 70 Countries,
it employs more than 1, 48,000 people worldwide. The company is ranked
27 in Forbes Global 2000 list, with rank of 77 for World’s most valuable
brands for 2014.
Its
services include property and casualty insurance, life and health
insurance and asset management, with customer base of around 83 million.
Allianz is leading property-casualty insurance provider globally and
ranks among the top five in life/health insurance business. It offers
private individual insurance including family insurance, health
insurance, car & motorbike insurance, house & home insurance and
retirement planning benefits. In business insurance category, it serves
large corporations, small and medium sized companies and provides
credit insurance. Its asset management division looks after fixed income
products, stocks & commodities, and multi-assets and absolute
return. Global lines of business provide reinsurance, employee benefits,
company health insurance, direct insurance, life insurance and real
estate.
Revenues (FY13): $ 127.2 Billion
Net Profit (FY13): $8 Billion
Market Cap (Q1-14): $76.8 Billion
4) American
multinational Insurance Corporation
American
multinational Insurance Corporation is an American multinational,
headquartered in New York, US. AIG serves in more than 130 countries,
with around 64000 employees globally. The company is a provider of
property casualty insurance, life insurance and retirement services, and
mortgage insurance. The company operates through two segments: AIG
Property Casualty and AIG Life and Retirement. The AIG Property Casualty
segment provides insurance products for commercial, institutional and
individual customers. The AIG Life and Retirement segment provides life
insurance and retirement services in the United States.
AIG
is the largest underwriter of commercial and industrial insurance in
United States. AIG companies serve commercial, institutional, and
individual customers through one of the most extensive worldwide
property-casualty networks of any insurer. Its personal insurance
business includes Motor Insurance, Travel Insurance, Health &
Accident Insurance, and Lifestyle Insurance. For Corporates, it offers
Fire & Special Permits, Burglary & Personal Accident, Employee
benefits, Electronic & other equipment related Insurance products
& services. In addition, for large corporates, it provides Travel,
Fire & Engineering, Marine Cargo, Financial lines & Casualty
Insurance products. TATA AIG also provide rural insurance scheme. The
company is ranked 42 in the Forbes’s Global 2000 list.
Revenues (FY13): $ 68.7 Billion
Net Profit (FY13): $9.1 Billion
Market Cap (Q1-14): $72.3 Billion
5) Ping An
Insurance Company
Ping An
Insurance Company of China is an insurance and financial services
company, headquartered in Shenzhen. It is a holding company, with
subsidiaries Ping An Life Insurance Company of China, Ping An Property
and Casualty Insurance Company of China, China Ping An Insurance
Overseas Holding and Ping An Trust & Investment Company. Ping An had
a total of 24 subsidiaries including Ping An Life, Ping An Property
& Casualty, Ping An Annuity, Ping An Bank, Ping An Securities, Ping
An Trust and Ping An UOB fund. Ping An Insurance is ranked 62 in the
Forbes 2000 list for 2014.
The
company operates through the segments: Life Insurance, Property &
Casualty, Banking, Securities and Corporate. The Life Insurance segment
offers life insurance products such as term, whole-life, endowment,
annuity, investment-linked, universal life, and healthcare insurance.
The Property & Casualty Insurance segment offers insurance products,
including automobile, non-automobile, and accident and health
insurance. Ping An’s vision is to become China’s leading integrated
financial services provider.
Revenues (FY13): $ 69 Billion
Net Profit (FY13): $4.6 Billion
Market Cap (Q1-14): $65.6 Billion
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