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 based mostly on “the worth of earnings particularly associated to model fame.”

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 understand how the latest financial local weather has impacted the efficiency of the {industry}’s greatest manufacturers, then this piece may give you an thought. Learn on and be taught extra about essentially the most worthwhile insurance coverage firms when it comes to model fame.

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

High 10 most dear insurance coverage firms based mostly on model worth

The model valuation consultancy’s newest rankings present that half of the highest 10 listing contains China-based insurance coverage firms, together with one from Hong Kong. Three of those companies 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

Proportion 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 12 months.

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

Ping An is China’s largest basic insurer, serving greater than 220 million shoppers 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

Proportion change: -9%

German insurance coverage model Allianz has been constantly within the prime three on the listing of most dear insurance coverage firms, inserting second prior to now two years. After seeing a 14% rise in 2022, the agency’s model worth went down by 9% this 12 months.

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

• Allianz World 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 shoppers with bonding, ensures, and collections providers for managing business-to-business (B2B) commerce receivables.

Allianz additionally gives 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

Proportion change: -25%

China Life suffered an enormous dip in model worth, with the pandemic hampering Chinese language insurance coverage firms’ capability to conduct offline transactions. The scenario has led to a big 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 gives 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 insurance insurance policies in pressure.

4. AXA

Present model worth: $15.9 billion

Earlier model worth: $17.2 billion

Proportion change: -8%

Even with its model worth lowering, French insurance coverage model AXA retains the fourth spot on the listing. The corporate has been constantly 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 workers and distributors assist 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 places of work 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

Proportion 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 12 months’s listing of essentially the most worthwhile insurance coverage firms. Identical to most Chinese language manufacturers within the rankings, CPIC’s decline is primarily brought on by the COVID-19 outbreak.

The Shanghai-based agency is certainly one 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 via its community of home and international 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

Proportion 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 most important 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 consists of life, well being, accident safety, medical, and retirement insurance coverage.

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

7. GEICO

Present model worth: $14.1 billion

Earlier model worth: $13.1 billion

Proportion change: 8%

GEICO’s 8% rise in model worth wasn’t sufficient to maintain it in sixth place, slipping a notch from final 12 months. Nonetheless, the Berkshire Hathaway subsidiary is essentially the most worthwhile insurance coverage firm in America with regards to model fame.

GEICO is among the many prime names within the nation with regards to auto protection, rating amongst the most important automobile insurance coverage firms within the US. The Maryland-headquartered insurer can also be one of many nation’s hottest automobile insurance coverage manufacturers, because of its sturdy choices and above-industry-average buyer satisfaction scores.

One other issue that has contributed to its model worth is, in fact, Gecko. GEICO’s lovable mascot continues to be among the many most recognizable features 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

Proportion change: 6%

Progressive retains the quantity eight spot in essentially the most worthwhile insurance coverage model rankings, with its model worth rising 6% from final 12 months. The Ohio-based insurer can also be the most important insurance coverage firm within the US based mostly on market cap for the non-life phase. 

The corporate gives a spread of non-public and industrial insurance policies, in addition to monetary providers. Its insurance coverage merchandise might be accessed immediately or via its nationwide community of 38,000 impartial brokers.

Progressive additionally has certainly one of the most well-liked 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 fashionable 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

Proportion change: 22%

The Folks’s Insurance coverage Firm (Group) of China, extra popularly generally known 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.

In line with Model Finance’s report, PICC has been in a position to preserve its market dominance due to its authorities background and substantial underwriting capability. This gave the agency a powerful aggressive benefit in conducting companies with massive firms 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 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

Proportion change: 8%

Chubb climbed one notch to assert the final spot on this 12 months’s listing of essentially the most worthwhile insurance coverage firms by model. The worldwide insurer’s portfolio spans quite a lot of insurance coverage merchandise, from industrial 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 employees globally.

Chubb depends on a community of retail and wholesale brokers, impartial and captive brokers, in addition to banks, direct advertising, and different channels to distribute its merchandise. It additionally gives a spread of instruments, coaching, and sources to its companion 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 fame,” 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 technique it calls “royalty reduction.” Via this method, the agency determines the worth an organization is prepared to pay to license its model as if it doesn’t personal it. The method includes estimating the long run income attributable to a model and calculating a royalty fee that can be charged for utilizing the model.

Other than essentially 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 replicate their monetary stability. These firms are listed within the tables beneath.

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

Most worthy insurance coverage firms – strongest insurance coverage manufacturers

Insurance coverage Enterprise additionally carried out analysis on which manufacturers come to thoughts when People store for a coverage. Yow will discover 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.