Top 10 Biggest Insurance Companies (2024)

There are thousands of insurance companies providing products and services in the insurance sector. Most of them specialize in specific types of insurance, while others offer multiple types. The biggest ones generally offer all types of insurance, such as life, property and casualty, health, and business insurance. Some have expanded in health care services and financial services.

This list is limited to companies that are publicly traded in the U.S. or Canada, either directly or through ADRs. Some foreign companies may report semiannually and so may have longer lag times. All figures were current as of Feb. 18, 2024, and were sourced from Google Finance.

These are the10 Biggest Insurance Companies by 12-Month Trailing Revenue (TTM).

Some of the stocks below are only traded over-the-counter (OTC) in the U.S., not on exchanges. Trading OTC stocks often carries higher trading costs than trading stocks on exchanges. This can lower or even outweigh potential returns.

#1: United Health Group (UNH)

  • Revenue (TTM): $94.4 billion
  • Net Income (TTM): $5.5 Billion
  • Market Cap: $482.4 Billion
  • 1-Year Trailing Total Return: 4.5%
  • Exchange: New York Stock Exchange

United Health Group is a combination of United Health Care, its insurance business, and Optum, its health services business. United employs roughly 400,000 people and provides insurance and services for about 152 million customers and 6,400 hospitals and other facilities.

#2: Berkshire Hathaway Inc. (BRK.B)

  • Revenue (TTM): $93.2 billion
  • Net Income (TTM): $-12.8 Billion
  • Market Cap: $879.4 Billion
  • 1-Year Trailing Total Return: 31.7%
  • Exchange: New York Stock Exchange

Berkshire Hathaway is a holding company that owns numerous subsidiaries, a significant portion of which are insurance companies. It is one of the largest companies in the world by market capitalization and is owned by famed investor Warren Buffet. Some of its insurance subsidiaries are Geico, General Re, MLMIC Insurance, United States Liability Insurance, and National Indemnity.

#3: CVS Health Corp Group (CVS)

  • Revenue (TTM): $89.4 billion
  • Net Income (TTM): $2.3 Billion
  • Market Cap: $97.03 Billion
  • 1-Year Trailing Total Return: -12.9%
  • Exchange: New York Stock Exchange

While CVS is well known for its medical supplies and pharmacies, it owns Aetna, an insurance provider. It acquired Aetna in 2018 in its attempts to "...transform the consumer health experience and build healthier communities..." Over the years, CVS has built itself into an all-inclusive healthcare solutions provider, able to offer insurance, pharmaceuticals, and health and wellness products and services. The company employs over 300,000 people in 8,300 locations and served over 5.5 million in its MinuteClinics and HealthHubs in 2022.

#4: The Cigna Group (CI)

  • Revenue (TTM): $49.0 billion
  • Net Income (TTM): $1.4 Billion
  • Market Cap: $99.8 Billion
  • 1-Year Trailing Total Return: 13.3%
  • Exchange: New York Stock Exchange

The Cigna Group refers to itself as a global healthcare benefit provider. It is composed of two operational segments: Evernorth Health Services and Cigna Healthcare. Evernorth is the parent organization for several pharmaceutical and pharmacy solutions like Express Scripts, Inside Rx, and ScreenRx. Cigna Healthcare is the Group's insurance segment, which provides health insurance for the Group, the U.S. Government, and consumers.

#5: Elevance Health Inc. (ELV)

  • Revenue (TTM): $42.9 billion
  • Net Income (TTM): $1.3 Billion
  • Market Cap: $120.5 Billion
  • 1-Year Trailing Total Return: 3.6%
  • Exchange: New York Stock Exchange

Elevance Health is a health insurance provider that serves about 47 million members. The company provides plans for individuals and groups, Medicaid, and Medicare. It is also the U.S. federal government's health benefits manager and administers the Federal Employees Health Benefits Program.

Elevance has three operational segments—its Commercial & Specialty Business segment, the Governments Business segment, and the CarelonRx segment, which manages pharmacy benefits.

#6: Centene (CNC)

  • Revenue (TTM): $35.2 billion
  • Net Income (TTM): $469.0 Million
  • Market Cap: $42.1 Billion
  • 1-Year Trailing Total Return: 7.3%
  • Exchange: New York Stock Exchange

Centene is a leading insurance provider for the federal government and is the largest Medicare insurer in the U.S. Through specialty providers, Centene offers behavioral health services, clinical healthcare, data analytics, pharmacy solutions, vision and dental services, and Medicaid in different states and regions.

#7: Ping An Insurance (PNGAY)

  • Revenue (TTM): $28.8 billion
  • Net Income (TTM): $2.3 Billion
  • Market Cap: $99.8 Billion
  • 1-Year Trailing Total Return: -97.1%
  • Exchange: OTC

Ping An Insurance is a China-based insurance and financial services company offering life and non-life insurance products. Its non-life insurance products include health, auto, casualty, property insurance, and banking. It also provides investment management services and invests heavily in technology development.

#8: Allianz (ALIZY)

  • Revenue (TTM): $26.5 billion
  • Net Income (TTM): $2.2 Billion
  • Market Cap: $103.9 Billion
  • 1-Year Trailing Total Return: 14.4%
  • Exchange: OTC

Allianz is an international insurance and asset management provider headquartered in Germany. It serves more than 122 million people in over 70 countries. It provides property, life, and health insurance and manages about €1.7 trillion ($1.8 trillion) in assets for its customers.

#9: Humana Inc. (HUM)

  • Revenue (TTM): $26.4 billion
  • Net Income (TTM): $832.0 Million
  • Market Cap: $44.9Billion
  • 1-Year Trailing Total Return: -28.1%
  • Exchange: New York Stock Exchange

Humana is a U.S.-based health insurance provider. It provides plans for Medicare, Medicaid, military personnel, and consumers. Humana has two operating segments, Insurance and CenterWell. The Insurance segment offers medical, dental, and vision insurance and administrative services. The CenterWell segment offers pharmacy, home, and primary care solutions.

#10: Axa Sa (AXAHY)

  • Revenue (TTM): $22.5 billion
  • Net Income (TTM): $2.1 Billion
  • Market Cap: $70.0 Billion
  • 1-Year Trailing Total Return: 9.8%
  • Exchange: OTC

Axa Sa is an international insurance and financial services company that provides property and casualty, health, and life insurance products and manages about €932 billion in assets. It is headquartered in and operates out of France, Europe, and Asia.

Top 10 Biggest Insurance Companies (2024)


Who is the top 10 insurance company? ›

Largest Car Insurance Companies: A Closer Look
  • #1 State Farm: Editor's Choice. ...
  • #2 Geico: Affordable for Most Drivers. ...
  • #3 Progressive: Low Rates for High-Risk Drivers. ...
  • #4 Allstate. ...
  • #5 USAA: Low Rates for Military. ...
  • #6 Liberty Mutual: Good Programs for Young Drivers. ...
  • #7 Farmers Insurance. ...
  • #8 Travelers: Most Coverage Options.
Apr 11, 2024

Who is the biggest insurance company in the world? ›

World's largest insurance companies by net non-banking assets
RankingInsurance Company Name2022 Net Non-Banking Assets (US $ 000)
1Allianz SE1,050,762,471
2Ping An Ins (Group) Co of China Ltd.960,678,448
3Berkshire Hathaway Inc.948,452,000
4China Life Insurance (Group) Company885,019,438
21 more rows

What are the big 3 insurance companies? ›

  • #1: United Health Group (UNH)
  • #2: Berkshire Hathaway Inc. ( BRK.B)
  • #3: CVS Health Corp Group (CVS)
  • #4: The Cigna Group (CI)
  • #5: Elevance Health Inc. ( ELV)
  • #6: Centene (CNC)
  • #7: Ping An Insurance (PNGAY)
  • #8: Allianz (ALIZY)

What are the top 5 insurance rating agencies? ›

Each of the ratings agencies, A.M. Best, Moody's, Fitch and Standard and Poor's are a Nationally Recognized Statistical Rating Organization (NRSRO).

Who is the #1 insurance company in the USA? ›

State Farm is the biggest auto insurance company in the country by market share, while Progressive, Geico and Allstate are the next three.

What is America's largest insurance company? ›

1. State Farm. State Farm is the industry's biggest player, both in the US and overseas. The Bloomington, Illinois-based P&C insurance giant wrote almost $78 billion worth of premiums in the past year.

What is the 2nd largest insurance company? ›

Ranking of the 20 largest insurance companies according to Forbes
RankCompanyClass of business
1UnitedHealth GroupLife and health
2Ping An Insurance GroupLife and non-life
3AllianzLife and non-life
4AXA GroupLife and non-life
16 more rows
Jun 28, 2023

Who is the most trusted insurance company? ›

Summary: Best Car Insurance Companies of April 2024
CompanyForbes Advisor RatingOur expert take
Nationwide5.0Best overall
USAA4.8Best for military members and veterans
Travelers4.7Great for drivers with speeding tickets
Erie4.6Best for drivers who caused an accident
4 more rows

Who is the richest person in insurance? ›

1. Warren Buffett. Buffett once again secures the top spot on the list of the country's wealthiest insurance tycoons. The man known as the “Oracle of Omaha” currently sits in the tenth spot of Forbes' overall rankings with a net worth of $103.6 billion.

What is the #1 life insurance company? ›

List of life insurance companies. Researching the top 10 life insurance companies can offer valuable insights when considering your options. Based on the latest 2023 data from the National Association of Insurance Commissioners (NAIC), New York Life leads the pack with a 6.86 percent market share.

What are the four major insurances? ›

Most experts agree that life, health, long-term disability, and auto insurance are the four types of insurance you must have.

What is the biggest insurance company to fail? ›

Executive Life Insurance Company (1991) - One of the largest life insurance companies in the US, it went bankrupt due to investment losses in junk bonds.

What are the best homeowners insurance companies? ›

Compare the Best Homeowners Insurance Companies
ProviderStar RatingA.M. Best
Our Top Pick Allstate Get Quote4.8A+
State Farm Learn More4.8A++
American Family Learn More4.7A
Nationwide Learn More4.6A
4 more rows
Apr 9, 2024

Who is the largest P&C insurance company in the world? ›

State Farm Mutual Automobile Insurance Co. is the largest global property and casualty insurer with $77.59 billion of direct premiums written, according to a new ranking by S&P Global Market Intelligence.

What insurance company has the best financial rating? ›

AM Best ratings for top providers
Insurance companyAM Best FSRAM Best long-term ICR
AllstateA+ (Superior)aa (Superior)
FarmersA- (Excellent)a (Excellent)
GeicoA++ (Superior)aaa (Exceptional)
Liberty MutualA (Excellent)a (Excellent)
4 more rows
Dec 2, 2022

Which insurance company has the most complaints? ›

The auto insurance company with the most complaints is United Automobile Insurance, which receives roughly 40 times more complaints than the average insurer its size, according to the latest NAIC complaint index.

Who typically has the cheapest insurance? ›

The top 10 cheapest car insurance companies are Nationwide, Geico, State Farm, Travelers, Progressive, AAA, Allstate, Chubb, Farmers and USAA.

Which company gives the best insurance? ›

Best Health Insurance Companies in India 2024
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