The world’s most dear insurance coverage model revealed

Regardless of experiencing a dip in model worth, the world’s 5 most dear insurance coverage manufacturers retain their locations on Model Finance’s newest Insurance coverage 100 rankings. The model valuation consultancy’s annual report lists the world’s most dear insurance coverage firms primarily based on “the worth of earnings particularly associated to model status.”

On this article, Insurance coverage Enterprise delves deeper into the insurance coverage manufacturers that made it to the newest rankings’ prime 10. If you wish to know the way the current financial local weather has impacted the efficiency of the {industry}’s largest manufacturers, then this piece can provide you an concept. Learn on and study extra about probably the most worthwhile insurance coverage firms when it comes to model status.

The desk beneath lists the ten most dear insurance coverage manufacturers primarily based on the newest version of Model Finance’s Insurance coverage 100 report.

Prime 10 most dear insurance coverage firms primarily based on model worth

The model valuation consultancy’s newest rankings present that half of the highest 10 listing includes China-based insurance coverage firms, together with one from Hong Kong. Three of those corporations have secured their locations within the prime 5. The US has three representatives whereas Germany and France have one every. Let’s dig deeper into the numbers.

1. Ping An

Present model worth: $32.2 billion

Earlier model worth: $42.9 billion

Share change: -25%

Ping An retains the title of the world’s most dear insurance coverage model, regardless of a 25% drop in model worth. The corporate has secured the highest spot for the seventh straight yr.

Based on the report, Ping An has confronted difficult working circumstances up to now two years as China’s financial development has taken successful, primarily as a result of pandemic. The scenario has resulted in lowered family consumption, adversely affecting Ping An’s premiums.

Ping An is China’s largest common insurer, serving greater than 220 million purchasers and 611 million on-line customers worldwide. The Shenzhen-headquartered agency has a sturdy life and well being, and property and casualty insurance coverage portfolio. It additionally invests closely in expertise to assist streamline its providers.

2. Allianz

Present model worth: $21.0 billion

Earlier model worth: $23.1 billion

Share change: -9%

German insurance coverage model Allianz has been persistently within the prime three on the listing of most dear insurance coverage firms, putting second up to now two years. After seeing a 14% rise in 2022, the agency’s model worth went down by 9% this yr.

The Munich-based insurance coverage large presents property and casualty, life and well being, credit score, and business insurance coverage by its a number of manufacturers and subsidiaries. These embody:

• Allianz International Company & Specialty (AGCS): A worldwide insurer specializing in enterprise insurance coverage and enormous company and specialty dangers.
• Euler Hermes: A credit score insurance coverage firm offering purchasers with bonding, ensures, and collections providers for managing business-to-business (B2B) commerce receivables.

Allianz additionally presents asset administration providers. It has a world attain spanning greater than 70 international locations and caters to over 126 million clients.

3. China Life

Present model worth: $17.1 billion

Earlier model worth: $22.9 billion

Share change: -25%

China Life suffered an enormous dip in model worth, with the pandemic hampering Chinese language insurance coverage firms’ capacity to conduct offline transactions. The scenario has led to a major decline in premium income for a lot of insurers working within the nation.

The Beijing-based agency is among the many largest suppliers of accident, well being, and life insurance coverage in China. It additionally presents annuity providers. The corporate’s operations are backed by 746,000 particular person brokers, 41,000 direct gross sales representatives, and 23,000 account managers within the bancassurance channel.

China Life has round 317 million annuity contracts and long-term life and medical health insurance insurance policies in pressure.

4. AXA

Present model worth: $15.9 billion

Earlier model worth: $17.2 billion

Share change: -8%

Even with its model worth lowering, French insurance coverage model AXA retains the fourth spot on the listing. The corporate has been persistently within the higher half of the rankings, reaching its highest place at second in 2015 and 2016.

The Paris-headquartered international insurance coverage and asset administration providers supplier serves round 93 million clients in additional than 50 international locations and territories. A community of 145,000 staff and distributors help the corporate’s operations.

AXA operates 4 divisions:

1. Asset administration and banking
2. Well being
3. Life and financial savings
4. Property and casualty

The insurance coverage large has workplaces in North America, Western Europe, the Center East, and the Asia-Pacific area.

5. CPIC

Present model worth: $15.2 billion

Earlier model worth: $15.8 billion

Share change: -4%

China Pacific Insurance coverage (Group) Co. Ltd, also referred to as CPIC, skilled a slight dip in model worth, however has remained within the higher half of this yr’s listing of probably the most worthwhile insurance coverage firms. Similar to most Chinese language manufacturers within the rankings, CPIC’s decline is primarily attributable to the COVID-19 outbreak.

The Shanghai-based agency is one in every of China’s largest insurance coverage holding firms. It operates three companies: property and casualty insurance coverage, life insurance coverage, and asset administration and investments. The corporate’s insurance coverage merchandise are distributed by its community of home and overseas subsidiaries. A 107,000-strong workforce is a part of its operations.

CPIC is the primary insurance coverage group to be listed concurrently on the Shanghai, London, and Hong Kong Inventory Exchanges.

6. AIA

Present model worth: $15.0 billion

Earlier model worth: $13.0 billion

Share change: 16%

AIA registered one of many highest will increase in model worth on the listing, climbing a notch within the rankings. The Hong Kong-domiciled insurance coverage large reached its highest place at fourth place in 2017 and 2019.

AIA is the biggest pan-Asian life insurance coverage group, offering monetary providers and insurance coverage merchandise in 18 markets throughout the Asia-Pacific area. Its insurance coverage portfolio contains life, well being, accident safety, medical, and retirement insurance coverage.

The corporate additionally presents worker advantages and pension providers to companies. These insurance policies cowl staff’ well being, revenue safety, and retirement wants.

7. GEICO

Present model worth: $14.1 billion

Earlier model worth: $13.1 billion

Share change: 8%

GEICO’s 8% rise in model worth wasn’t sufficient to maintain it in sixth place, slipping a notch from final yr. Nonetheless, the Berkshire Hathaway subsidiary is probably the most worthwhile insurance coverage firm in America in the case of model status.

GEICO is among the many prime names within the nation in the case of auto protection, rating amongst the biggest automotive insurance coverage firms within the US. The Maryland-headquartered insurer can also be one of many nation’s hottest automotive insurance coverage manufacturers, because of its sturdy choices and above-industry-average buyer satisfaction rankings.

One other issue that has contributed to its model worth is, in fact, Gecko. GEICO’s cute mascot continues to be among the many most recognizable facets of the insurer’s commercials.

For a brief overview on how model worth influences buying choices, watch this video:

8. Progressive

Present model worth: $11.8 billion

Earlier model worth: $11.2 billion

Share change: 6%

Progressive retains the quantity eight spot in probably the most worthwhile insurance coverage model rankings, with its model worth rising 6% from final yr. The Ohio-based insurer can also be the biggest insurance coverage firm within the US primarily based on market cap for the non-life phase. 

The corporate presents a variety of private and business insurance policies, in addition to monetary providers. Its insurance coverage merchandise will be accessed immediately or by its nationwide community of 38,000 impartial brokers.

Progressive additionally has one in every of the preferred insurance coverage mascots in its arsenal, serving to the model obtain a wider attain. Performed by actress and comic Stephanie Courtney, the energetic and pleasant Flo has appeared in additional than 100 of the corporate’s commercials. The character is equally widespread on social media, boasting an enormous Twitter following and greater than 5 million Fb likes.

9. PICC

Present model worth: $11.7 billion

Earlier model worth: $9.6 billion

Share change: 22%

The Individuals’s Insurance coverage Firm (Group) of China, extra popularly referred to as PICC, barges into the highest 10, registering the sharpest rise in model worth. The corporate is the one exception to the struggling Chinese language manufacturers within the rankings.

Based on Model Finance’s report, PICC has been in a position to keep its market dominance due to its authorities background and substantial underwriting capability. This gave the agency a powerful aggressive benefit in conducting companies with giant companies and state-owned enterprises.

The Beijing-based insurance coverage group owns greater than 10 subsidiaries, together with its property and casualty, and life and medical health insurance companies. It has partnerships with over 10,000 establishments spanning city and rural places throughout China.

10. Chubb

Present model worth: $11.6 billion

Earlier model worth: $10.8 billion

Share change: 8%

Chubb climbed one notch to assert the final spot on this yr’s listing of probably the most worthwhile insurance coverage firms by model. The worldwide insurer’s portfolio spans quite a lot of insurance coverage merchandise, from business insurance policies to non-public strains protection. The New Jersey-based firm operates in additional than 50 international locations and territories and employs over 31,000 workers globally.

Chubb depends on a community of retail and wholesale brokers, impartial and captive brokers, in addition to banks, direct advertising and marketing, and different channels to distribute its merchandise. It additionally supplies a variety of instruments, coaching, and sources to its accomplice brokerages to assist them succeed of their jobs.

Methodology for rating the world’s most dear insurance coverage firms

Model Finance defines model worth as “the current worth of earnings particularly associated to model status,” including that firms personal and management these earnings by proudly owning trademark rights.

To calculate an insurance coverage firm’s model valuation, the UK-based consultancy agency applies a methodology it calls “royalty reduction.” By way of this system, the agency determines the worth an organization is prepared to pay to license its model as if it doesn’t personal it. The method entails estimating the longer term income attributable to a model and calculating a royalty charge that might be charged for utilizing the model.

Aside from probably the most worthwhile insurance coverage manufacturers, Model Finance ranks the world’s fastest-growing insurance coverage manufacturers. It additionally has a listing of the strongest insurance coverage manufacturers, which mirror their monetary stability. These firms are listed within the tables beneath.

Most useful insurance coverage firms – fastest-growing insurance coverage manufacturers

Most useful insurance coverage firms – strongest insurance coverage manufacturers

Insurance coverage Enterprise additionally carried out analysis on which manufacturers come to thoughts when Individuals store for a coverage. You’ll find the whole listing in our rankings of the highest insurance coverage manufacturers within the US.

Have you ever skilled working with the world’s most dear insurance coverage firms? How was it? We’d love so that you can share your story beneath.