The 5 Largest Insurance Companies in the World
The largest insurance company in the world is usually seen from the total net profit it has. So, for those of you who want to know who these big insurance companies are, here's the answer.
Insurance companies are one of the most promising business fields today. This is because public awareness of their various needs is the main factor for these financial products to become increasingly popular.
Although not all insurance products are owned by the public, some of them, such as health insurance, travel insurance, and vehicle insurance, are still the prima donna. These three insurance products are generally offered simultaneously by an insurance company. The premiums also vary, which are sure to adjust to the financial conditions of the customers. So, for those of you who want to buy an insurance policy or still want to know which are the biggest insurance companies in the world with the best service.
1. Berkshire Hathaway
The largest insurance company in the world that CekAja discussed first is Berkshire Hathaway. Headquartered in Omaha, United States, this insurance company founded by Oliver Chace has a net profit of up to IDR 7,334 trillion. The profit itself is obtained not only from insurance sales, but also investments made in various business lines such as transportation, property, to manufacturing.
2. Ping An Insurance
Engaged in the financial sector, this leading insurance company originating from China is also one of the largest insurance companies in the world. In 2020, this insurance company successfully climbed to position 21 on the Fortune Global 500 list. Its success cannot be separated from the revenue achieved, which reached USD 184.2 million with a net profit of USD 21.6 million.
3. UnitedHealth Group
Apart from Ping An Insurance, this insurance company based in the United States has also made it into the list of the largest insurance companies in the world. The estimated net profit is IDR 3,156 trillion. UnitedHealth Group Inc. offers a full range of health insurance products, both for individuals, retirees, the elderly, families, office employees, and military personnel.
4. China Life Insurance
The next largest insurance company in the world is China Life Insurance. The largest life insurance company in China is known to hold 45 percent of the country's market with total assets of around USD 580.33 billion. Its success in recording large assets helped make China Life included in the Fortune version of the Global 500, at 51st place.
5. Allianz
The other largest insurance company in the world is Allianz Insurance. The company, which is headquartered in Munich, Germany, is already well-known in various countries, including Indonesia. In Indonesia alone, the total net profit earned by PT Asuransi Allianz Life is IDR 1.17 trillion. The profit value has crept up by 48.66 percent year on year, which is also supported by investment income of IDR 2.48 trillion.