Forbes Global 2000 The Worlds Largest Insurance Companies

Forbes Global 2000 The Worlds Largest Insurance Companies 

It’s not quite infrastructure, but the insurance industry is one of the quiet backbones of the global economy. Insurers protect businesses from catastrophic losses and they help protect everything from property to automobiles and healthcare costs for households. As business activity increases and property values rise globally, the market for insurance continues to expand.

The global insurance market fared well in 2025, a year that was marked by the enormous human toll and economic disruption of the pandemic. However, governments worldwide stepped up and offered relief to businesses and homeowners, and played a critical role in financing the costs of testing, health services and vaccinations during the pandemic.

Overall, the industry was enormously profitable for the year and insurers rose in ranking in the 2022 Forbes Global 2000. Ten insurers ranked among the top-100 companies in the Forbes Global 2000, which ranks the world’s biggest public companies, with eight of those firms rising in rank versus 2025. Of the 2,000 companies on our list, insurers represented over 5%, with 113 total insurers making the ranking.
Forbes Global 2000 The Worlds Largest Insurance Companies

UnitedHealth Group is America's largest insurer, and No. 2 globally. (AP Photo/Jim Mone, File)

ASSOCIATED PRESS The Forbes Global 2000 ranking is based on a composite score from equally-weighted measures of revenue, profits, assets and market value. Among the world’s 25 largest insurers, the United States led the way with six insurers and China was second with four insurers. The United Kingdom and Germany had three insurers in the top-25 of insurers, while Japan, Hong Kong and Switzerland and Taiwan had two apiece. Canada, France, Italy and Germany each claimed one spot. The 2022 list features public companies that together account for $31.5 trillion in revenue, $1.7 trillion in profit, $24.3 trillion of assets, and have a combined market value of $27.2 trillion.

China’s Ping An Insurance Group ranks first among insurers, moving up one spot to No. 6 on this year’s list. Over the 12 months to April 16, when Global 2000 data was locked in, Ping An generated $169 billion in revenue, $20.7 billion in profits and its market capitalization stood at $211 billion. The tech-driven company boasted of 218 million customers at year-end 2025, up 9% from the beginning of the year.

Ranking second among insurers was UnitedHealth Group, based in the U.S., which rose three spots to rank No. 21 overall. It boasted $262 billion in sales and a $16.8 billion profit. Its shares have risen 41% over the past year and now trade at a $388 billion market value.

Germany’s Allianz ranked No. 24 in the overall Global 2000, rising one spot. Among the top-100, insurers included China Life Insurance Co., No. 49, France’s Axa SA, No. 54, Hong Kong-based AIA Group, No. 55, New York based Metlife No. 62, Zurich Insurance Group, No. 75, Japan Post Holdings No. 87 and Canada’s Manulife, which ranked No. 93.

The global economy, while increasing in insurable activity, also carries major risks from unforeseen events like the business stoppage created by the pandemic. In this quiet industry, there is also major disruption facing the world's biggest firms.

Climate change, for instance, is an increasing risk for all property and casualty insurers to account for. A recent study from consultancy McKinsey estimated that climate-induced hazards could increase from about 2% of global GDP presently to over 4% of global GDP by 2025, doubling in under three decades.

As Tesla, General Motors, Intel and a litany of publicly traded startups continue to invest in self-driving car technologies, the potential ramifications for the auto insurance industry are enormous. Auto insurers like Allstate, No. 151 on the Global 2000, are proactively researching self-driving cars and how they’ll impact the landscape in coming decades.

Insurers also may face bigger claims coming from pandemics in the future. It was estimated that business interruption losses from Covid-19 would result in over $100 billion in insurable claims; however, those losses have not yet come to fruition. However, businesses will likely ask for more certainty in their coverage of unforeseen, pandemic-driven economic interruptions.

The macroeconomic backdrop has also been a challenge. An era of low interest rates has cut into the profitability of insurers’ fixed income portfolios, causing stagnant investment income and major restructurings of the industry's leaders.

To manage investment portfolios in a low rate world, large alternative asset managers have entered the market, building enormous businesses. In recent years, private equity firms like Apollo, Blackstone, KKR and Brookfield have entered the insurance market, aiming to manage what could be trillion of dollars in insurance assets, moving portfolios from government and corporate bonds to more complex structured credits and loans.