UnitedHealth Group Incorporated has once again taken the title of largest insurance company in the world, ranking at the top of AM Best’s list of the 25 biggest insurers.
The insurer has been the biggest in the world for nine consecutive years on AM Best’s list.
The size of the insurance company was measured based on net premiums written. UnitedHealth’s net premiums written (NPW) grew by 14 percent in 2022, reaching $257.2 billion.
Among all the insurers on the list that were ranked by NPW, the top ten were composed of health insurers. Moreover, of the top five, four were health insurers from the United States.
In the second largest insurer position was Centene Corporation. That company was also the second largest last year and saw its NPW grow by 13.2 percent to $136.2 billion.
The third position was held onto once again by Elevance Health Inc., with an NPW growth of 13.5 percent to reach $133.2 billion.
Kaiser Foundation Group of Health Plans was the insurance company that took the fourth position.
That insurer managed to move up to the fourth largest insurer position, while the insurer in the fifth spot, Ping An Insurance (Group) Company of China Ltd. kept hold of its previous position.
Of all the insurers in the top 25 on the list, only China Life Insurance (Group) Co. experienced a drop in its NPW growth. That insurer’s NPW fell by 0.7 percent and took the insurer to the sixth position from number 4, changing spots with Kaiser Foundation Group of Health Plans.
AXA SA took the seventh spot and Allianz SE took the eighth. Among all the insurers on the list, the only reinsurer was Munich Re, which grabbed the 15th spot with a $68.5 billion NPW. It should be pointed out that the reinsurer kept hold of its other title as the largest reinsurer in the world.
When ranking each top 25 insurance company by nonbanking assets, it was Allianz SE which took the top position once again, with $1.1 trillion, even though that represented a 10 percent drop compared to the year before.
