Allianz SE, China Life Insurance Co. Ltd. and Nippon Life Insurance Co. are the three largest life insurance companies in the world, said S&P which released its list of top 50 life insurers in the world, ranked by their life and accident & health reserves, one of the key financial strengths of a life insurer
In a major recognition of its financial strength, India’s state owned Life Insurance Corporation(LIC) has emerged as the fourth largest global life insurer, according to a new ranking, on the basis of life and accident & health reserves, by S&P Global Market Intelligence.
According to the report, LIC has $503 billion of reserves as on 2022.
Germany’s Allianz SE(USD 750 billion ), China Life Insurance Co.(USD 616 billion) and Nippon Life Insurance Co.(USD536 billion) are the three largest life insurance companies in the world, said S&P which released its list of top 50 life insurers in the world, ranked by their life and accident & health reserves, one of the key financial strengths of a life insurer.
In the same parameter, LIC is also now the third largest life insurer in Asia dominated by Japanese and Chinese insurers.
Companies are ranked by 2022 life and accident & health reserves. Life and accident & health reserves generally represent a liability to provide for future commitments under outstanding policies, said S&P.
European companies from six countries dominated the list of top 50 global life insurers ranked by life and accident & health reserves, taking 21 spots.
In Europe, the United Kingdom is home to the most companies on the list with seven carriers headquartered there.
Asia accounts for 17 spots on the list of top global life insurers, making it the region with the second-highest number. Mainland China and Japan shared top spot in Asia with five companies headquartered there.
North America took 12 spots on the list with eight companies based in the US, two in Canada and two in Bermuda. On an individual country basis, the US has the highest number of life insurers on the top 50 list, with eight.
MetLife Inc., the largest life insurance company based in the US, ranks seventh on the list of the largest global life insurers.
Prudential Financial Inc., the second-largest life insurance company headquartered in the US, placed eighth in the ranking.
According to S&P, the exact components of reserves of a ranked life insurer may vary based on the specific accounting regime followed by the companies listed. Analysis is a best-efforts basis limited to public insurance companies around the world and non-public insurance companies in North America and Europe.