10 Biggest Insurance Companies (2024)

Insurance companies provide risk management to individuals, businesses, and institutional clients. Although there are a multitude of different types of insurance companies, the protection guarantees payment or reimbursem*nt in the event of losses for the insured.

Insurance companies offer policies offering coverage for losses related to accidents, health, property, homeownership, professional liability, malpractice, and casualty, among other areas.

These are the10 biggest insurance companies by revenue as of Dec. 22, 2022. This list is limited to companies that are publicly traded in the U.S. or Canada, either directly or through ADRs.

Key Takeaways

Berkshire Hathaway is the leading insurance company by revenue.
Insurance companies offer policies for losses due to accidents, health issues, property damage, and professional liability.
Some of the largest insurance companies hold market positions in the United States, Latin America, Asia, Europe, the Middle East, and Africa.

#1 Berkshire Hathaway (BRK.B)

Revenue: $253.9 billion
Net Income: -$1.3 billion
Market Cap: $663.6 billion
1-Year Trailing Total Return: 4.3%
Exchange: New York Stock Exchange

Berkshire Hathaway Inc. is a major conglomerate and one of the nation's premier insurance companies, with additional holdings in sectors such as rail transportation, utilities and energy, manufacturing, services, and retailing.

Berkshire provides primary insurance,as well as reinsurance of property and casualty risks through companies such as GEICO, Berkshire Hathaway GUARD Insurance Companies, Gateway Underwriters Agency, General Re, and National Indemnity Company.

#2 Ping An Insurance (Group) Co. of China Ltd. (PNGAY)

Revenue: $156.2 billion
Net Income: $14.7 billion
Market Cap: $114.8 billion
1-Year Trailing Total Return: -7.5%
Exchange: OTC Markets

Ping An Insurance provides insurance, financial services, and banking. It is one of the top 50 companies listed on the Shanghai Stock Exchange.

Founded in 1988, it was China's first joint-stock insurance company. Its subsidiaries include Ping An Life, Ping An Property & Casualty, Ping An Annuity, and Ping An Health.

#3 Allianz SE (ALIZY)

Revenue: $137.4 billion
Net Income: $7.8 billion
Market Cap: $85.3 billion
1-Year Trailing Total Return: -1.85%
Exchange: OTC Markets

Allianz is a leading global financial services company, providing products and services from insurance to asset management. It offers insurance products ranging from property and casualty policies to health and life insurance for corporate and individual customers. The company is headquartered in Germany.

#4 AXA SA (AXAHY)

Revenue: $107.6 billion
Net Income: $8.2 billion
Market Cap: $64.6 billion
1-Year Trailing Total Return: 5.8%
Exchange: OTC Markets

AXA is one of the world's leading insurance groups with major businesses in property and casualty insurance, life insurance, savings, and asset management. Several insurance companies merged to create AXA in the 1990s.

#5 MetLife Inc (MET)

Revenue: $71.6 billion
Net Income: $2.4 billion
Market Cap: $56.3 billion
1-Year Trailing Total Return: 26.2%
Exchange: New York Stock Exchange

MetLife, Inc. is a leading global provider of insurance, annuities, and employee benefit programs. With its many subsidiaries and affiliates, MetLife holds market positions in the United States, Japan, Latin America, Asia, Europe, the Middle East, and Africa.

#6 Prudential PLC (PUK)

Revenue: $63.5 billion
Net Income: 328 million
Market Cap: $36.2 billion
1-Year Trailing Total Return: 1.2%
Exchange: New York Stock Exchange

Prudential PLC is a London-based insurance and investment services company offering products ranging from life, health, accident, property, and casualty policies to pensions, equity plans, mortgages, and other financial services. Prudential also caters to customers in all major global markets.

#7 American International Group Inc. (AIG)

Revenue: $59 billion
Net Income: $13.8 billion
Market Cap: $46.7 billion
1-Year Trailing Total Return: 21.4%
Exchange: New York Stock Exchange

American International Group, Inc. (AIG) is a leading global insurance organization providing a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to customers in approximately 70 countries.

#8 Allstate Corp. (ALL)

Revenue: $52.6 billion
Net Income: -$210 million
Market Cap: $35.5 billion
1-Year Trailing Total Return: 22.2%
Exchange: New York Stock Exchange

Allstate Corp. is a leader in personal property and casualty products such as auto, home, and life insurance. In 2020, Allstate delivered on its "You're in good hands®" motto through the Shelter-in-Place Payback, which gave almost $1 billion back to auto customers over three months.

#9 Progressive Corp. (PGR)

Revenue: $47.7 billion
Net Income: $852 million
Market Cap: $74.4 billion
1-Year Trailing Total Return: 25.7%
Exchange: New York Stock Exchange

Progressive Corp. was founded in 1937 and is a leader in the auto and homeowners insurance industry. The company also offers financial services and both commercial and personal insurance products with bundling options.

#10 Chubb Ltd. (CB)

Revenue: $42.1 billion
Net Income: $6.1 billion
Market Cap: $89.1 billion
1-Year Trailing Total Return: 17.5%
Exchange: New York Stock Exchange

Chubb Ltd. is a publicly traded property and casualty insurance company and the leading commercial lines insurer in the U.S. with operations in 54 countries and territories. Chubb products include commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance.

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