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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).
10. Zurich Insurance:
Zurich is a global Swiss insurance company, headquartered in Zurich, Switzerland. The company is Switzerland’s largest insurer, with three core business segments: General Insurance, Global Life and Farmers Management Services. Through General Insurance, the group provides motor, home and commercial products and services for individuals. Global Life provides wide range of protection and savings propositions to individual and corporate customers. Farmers provide non-claims administrative and management services for the Farmers Exchanges. The company ranks 84 in the Global 2000 list for 2014.
Zurich Group employs around 55000 people, with operations in more than 170 countries and territories across the globe. The company has global network of subsidiaries and offices in Europe, North America, and Latin America, Asia Pacific and Middle East and other markets. Zurich’s strategy for 2014-16 is designed to deliver sustainable, profitable growth in a changing and more competitive business environment. Group is focusing more closely on the markets and consumer segments where the group has competitive edge.
Revenues (FY13): $72 Billion
Net Profit (FY13): $4 Billion
Market Cap (Q1-14): $45.4 Billion
9. ING Group
ING is a global financial institution of Dutch Origin, headquartered in Amsterdam. The group’s main offerings include services like banking, investment, life insurance and retirement. ING operates in more than 40 countries, with worldwide workforce exceeding 75,000. ING’s insurance business mainly operates in America, Asia and Europe.
The company offers services to individuals, families, small businesses, large corporations, institutions and governments. The company operates in business segments like Insurance Benelux (Belgium, Netherlands and Luxemburg), Insurance CRE (Central and Rest of Europe), Insurance U.S (United States), Insurance Latin America and Insurance Asia/Pacific. Insurance Benelux and CRE segment offers life insurance, non-life insurance and other services like retirement benefits. The Insurance U.S. segment offers life insurance, retirement services, fixed annuities, mutual funds, broker-dealer services, and institutional financial products in the United States of America. The Insurance U.S. Closed Block VA segment consists of variable annuities issued in the U.S.A., owned primarily by individuals, designed to address the demand for tax-advantaged savings, retirement planning, and wealth-protection. The Insurance Latin America segment focuses on pension and life insurance in Mexico, Chile, Colombia, Peru, Brazil, and Uruguay. The Insurance Asia/Pacific segment provides life insurance products and services in China, Hong Kong, India, Japan, Malaysia, South Korea, and Thailand.
Revenues (FY13): $ 34.6 Billion
Net Profit (FY13): $4.3 Billion
Market Cap (Q1-14): $54.4 Billion
8. AIA Group
AIA Group is an insurance company headquartered in Hong Kong. The company was founded in 1919. Earlier a member of American International Group, company was separated from the group in 2009 under special purpose vehicle. It has operations in 17 markets in Asia-Pacific – wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, a 97 per cent subsidiary in Sri Lanka, a 26 per cent joint venture in India and a representative office in Myanmar. The company is ranked 164 in Forbes Global 2000 list for 2014.
AIA offers Protection, Savings, Investment, Retirement benefits and Wealth management schemes for individuals. On the business side, AIA offers Employee benefits, Credit insurance and retirement services. The Corporate Centre segment consists of the group’s corporate functions, shared services, and certain internal reinsurance. Due to its emphasis in innovation, company has won numerous industry accolades such as Trusted Brand by Reader’s Digest and Most Admired Brand by BrandAge.
Revenues (FY13): $ 34.6 Billion
Net Profit (FY13): $4.3 Billion
Market Cap (Q1-14): $54.4 Billion
AXA S.A. is French global investment, retirement and insurance group, headquartered in Paris. It provide life, health and other types of insurance, primarily operating in Western Europe, North America, Asia Pacific and Middle East. It has over 80 million customers worldwide. The group ranks 33 in the Global 2000 list in 2014.
AXA Group is composed of five operating business segments, Life and Savings (Life, Health and Retirement Benefits), Property & Casualty (motor, household, property, general liability insurance), International Insurance (Corporate Solutions), Asset Management and other financial services. AXA acquired 50% of Tian Ping in 2013, a Chinese P&C Insurer with strong distribution capabilities in China, making AXA, the largest international insurer operating in China. AXA also acquired 51% of the insurance operations of Colpatria Seguros in Colombia, becoming the country’s fourth largest insurer and number two player in the P&C market. As reported by Interband in 2013, AXA is the leading recognised global insurance brand. Signing 10 year agreement with HSBC in 2012 for its P&C business in Hong Kong, Singapore, China, India and Indonesia, AXA became the leading brand in Hong Kong.
Revenues (FY13): $ 159 Billion
Net Profit (FY13): $6 Billion
Market Cap (Q1-14): $57.8 Billion
MetLife is the largest global providers of insurance, annuities and employee benefit programs, with 90 million customers in over 60 countries. Company is headquartered in New York, US. MetLife is the largest life insurer in United States. Through its subsidiaries and affiliates, MetLife holds leading market positions in Japan, Latin America, Asia, Europe, Middle East and Africa. The company ranks 69 in the Global 2000 list for 2014.
After acquisition of life insurance portfolio from AIG (Alico), MetLife increased its global footprint to a very large extent. MetLife offers Life insurance, Accident and health insurance, Disability income insurance, Credit insurance, Auto and Home insurance and also retirement planning & saving benefits. For businesses, MetLife offers employee benefit packages and customized pension administration and funding solutions for employers. MetLife is ranked 69 in Forbes’s Global 2000 list in 2014. The company operates its business through six segments: Retail, Group, Voluntary and Worksite Benefits, Corporate Benefit Funding, Latin America, Asia, and Europe, the Middle East and Africa.
Revenues (FY13): $ 68.2 Billion
Net Profit (FY13): $3.4 Billion
Market Cap (Q1-14): $59.4 Billion
5. Ping An
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
4. American International Group (AIG)
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
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
2. China life Insurance
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
1. Berkshire Hathaway
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