10 largest life insurance companies in the world

Ch Zubee August 25, 2023Last Updated: November 20, 2023

The 10 Biggest Life Insurance Companies in the World

Life insurance is one of the most important financial decisions you can make. It provides financial security for your loved ones in the event of your death, so they can pay for funeral expenses, outstanding debts, and living expenses.

If you’re looking for a life insurance company, you’ll want to choose one that is financially strong and has a good reputation for customer service. The 10 largest life insurance companies in the world are all well-established and have a long history of providing excellent service to their customers.

Table of Contents

Here are 10 largest Life Insurance Companies in the World:

1. Ping An Insurance (China): The World’s Largest Life Insurance Company

Ping An Insurance (China) is the largest life insurance company in the world, with over 200 million customers. It is also a major player in the property and casualty insurance, health insurance, banking, asset management, and financial technology sectors. The company is headquartered in Shenzhen, China, and has operations in over 100 countries and regions.

10 largest life insurance companies in the world

Ping An Insurance was founded in 1988 as a joint venture between the Shenzhen government and the People’s Insurance Company of China. The company quickly grew and became the largest life insurer in China by 2007. In recent years, Ping An has expanded its operations into new markets and diversified its business portfolio.

The company’s success is due to a number of factors, including its strong financial performance, its innovative products and services, and its focus on customer service. Ping An Insurance is also a major investor in technology, and it is using artificial intelligence and other technologies to improve its products and services.

In 2023, Ping An Insurance was ranked 33rd on the Fortune Global 500 list, the highest ranking for any insurance company. The company is also a member of the Dow Jones Sustainability Index and the FTSE4Good Index.

Here are some of the Key facts about Ping An Insurance:

Founded in 1988
Headquartered in Shenzhen, China
Over 200 million customers
Operations in over 100 countries and regions
Major player in life insurance, property and casualty insurance, health insurance, banking, asset management, and financial technology
Strong financial performance
Innovative products and services
Focus on customer service
Major investor in technology

Ping An Insurance is a major player in the global insurance industry and is well-positioned for continued growth in the years to come. The company’s strong financial performance, innovative products and services, and focus on customer service are all key factors that have contributed to its success. Ping An Insurance is also a major investor in technology, and it is using artificial intelligence and other technologies to improve its products and services. This focus on innovation is likely to help the company maintain its competitive edge in the years to come.

2. China Life Insurance (China)

China Life Insurance is the second-largest life insurance company in the world, with over 150 million customers and total assets of over US$4 trillion. It is headquartered in Beijing, China, and has a network of over 100,000 branches and agents across the country.

China Life Insurance was founded in 1949, shortly after the founding of the People’s Republic of China. It was originally a state-owned enterprise, but was privatized in the 1990s. The company has since grown rapidly, and is now one of the most important financial institutions in China.

China Life Insurance offers a wide range of life insurance products, including term life insurance, whole life insurance, endowment insurance, and annuity products. It also offers a variety of investment products, such as mutual funds and unit trusts.

The company has a strong track record of financial performance. In 2022, it generated total revenue of over US$100 billion and net income of over US$20 billion. China Life Insurance is also one of the most profitable life insurance companies in the world.

The company has been recognized for its corporate governance and social responsibility. It has been ranked as one of the world’s most sustainable companies by the Dow Jones Sustainability Index.

China Life Insurance is a major player in the global life insurance industry. It is well-positioned to continue to grow in the years to come, as China’s economy continues to develop and the demand for life insurance products grows.

Here are some of the Key facts about China Life Insurance:

Founded in 1949
Headquarters in Beijing, China
Over 150 million customers
Total assets of over US$4 trillion
Network of over 100,000 branches and agents
Offers a wide range of life insurance products
Strong track record of financial performance
Recognized for corporate governance and social responsibility
Major player in the global life insurance industry

Challenges facing China Life Insurance:

Increasing competition from other life insurance companies
Demographic challenges, such as an aging population
Regulatory changes
Economic volatility

Despite these challenges, China Life Insurance is well-positioned to continue to grow in the years to come. The company has a strong financial position, a wide range of products, and a large customer base. It is also investing in new technologies and products to meet the changing needs of its customers.

3. Allianz (Germany)

Allianz is a German multinational financial services company headquartered in Munich, Germany. It is one of the world’s largest insurers and financial services groups, with over 100 million customers in more than 70 countries. The company’s core businesses are insurance and asset management.

Allianz was founded in 1890 as a merger of several German insurance companies. The company’s name is derived from the Latin word “alliantia”, meaning “alliance”. Allianz has grown to become one of the world’s leading insurers, offering a wide range of products and services, including life insurance, property and casualty insurance, health insurance, and asset management.

In Germany, Allianz is the third-largest life insurance company, with over 90 million customers. The company also offers a wide range of other insurance products and services, including property and casualty insurance, health insurance, and asset management. Allianz is a major employer in Germany, with over 100,000 employees.

Allianz is a publicly traded company, listed on the Frankfurt Stock Exchange. The company’s shares are also listed on other stock exchanges around the world. Allianz is a member of the Euro Stoxx 50 stock market index, which tracks the 50 largest companies in the eurozone.

Allianz is committed to sustainability and corporate responsibility. The company has set ambitious goals to reduce its carbon emissions and improve its environmental performance. Allianz is also a strong supporter of social causes, such as education and healthcare.

Here are some of the Key facts about Allianz in Germany:

Founded in 1890
Headquartered in Munich, Germany
Over 100 million customers worldwide
Third-largest life insurance company in Germany
Offers a wide range of insurance and asset management products and services
Employs over 100,000 people in Germany
Publicly traded company, listed on the Frankfurt Stock Exchange
Member of the Euro Stoxx 50 stock market index
Committed to sustainability and corporate responsibility

Notable achievements of Allianz in Germany:

In 2018, Allianz was named the “Most Sustainable Insurance Company in Germany” by the German Sustainable Investment Forum.
In 2019, Allianz was awarded the “German Sustainability Award” in the category “Corporate Responsibility”.
In 2020, Allianz was named the “Most Trusted Insurance Brand in Germany” by the Reader’s Digest.

Allianz is a major player in the German economy and a significant employer in the country. The company is committed to sustainability and corporate responsibility, and has a strong track record of innovation and customer service. Allianz is a trusted brand that is well-positioned for continued growth in the years to come.

4. AXA (France)

AXA is a French multinational insurance company founded in 1982 by the merger of Assurances Mutuelles de France (AMF) and Union des Assurances de Paris (UAP). It is headquartered in Paris, France, and is the world’s fourth-largest insurance company by market capitalization. AXA has over 145,000 employees and operates in over 60 countries.

AXA offers a wide range of insurance products, including life insurance, property insurance, health insurance, and car insurance. It also offers asset management services and banking services. AXA is a major player in the global insurance market and is committed to providing its customers with innovative and reliable products and services.

In France, AXA is the leading insurance company in terms of market share. It offers a wide range of products and services to individuals and businesses, including life insurance, property insurance, health insurance, car insurance, and travel insurance. AXA also has a strong presence in the banking sector, with AXA Banque being one of the leading banks in France.

AXA is committed to corporate social responsibility and has a number of initiatives in place to support its communities. These initiatives include providing financial assistance to disaster relief efforts, supporting education and health programs, and promoting environmental sustainability.

AXA is a strong and well-established insurance company with a long history of providing its customers with reliable and innovative products and services. It is a major player in the global insurance market and is committed to helping its customers protect their assets and their future.

Here are some of the Key facts about AXA (France):

Founded in 1982
Headquarters in Paris, France
Over 145,000 employees
Operated in over 60 countries
Fourth-largest insurance company in the world by market capitalization
Offers a wide range of insurance products and services
Committed to corporate social responsibility

If you are looking for an insurance company in France, AXA is a good option to consider. The company has a strong financial position, a wide range of products and services, experienced and knowledgeable staff, and a commitment to sustainability.

5. Prudential Financial (United States)

Prudential Financial is an American multinational insurance, investment management, and financial services company headquartered in Newark, New Jersey. As of December 31, 2022, Prudential had $1.6 trillion in assets under management and over 60 million customers. The company is organized into four main businesses:

Prudential Retirement provides retirement products and services, including annuities, pensions, and mutual funds.
Prudential Insurance offers life insurance, health insurance, and disability insurance products.
Prudential Investments manages assets for individuals, institutions, and governments.
PGIM is a global investment management business that provides investment solutions to institutional investors.

Prudential was founded in 1875 as the Prudential Mutual Life Insurance Company of Newark. The company grew rapidly in the late 19th and early 20th centuries, and by 1900 it was one of the largest life insurance companies in the world. Prudential expanded into other financial services businesses in the 1970s and 1980s, and today it is a leading provider of insurance, investment management, and financial services products and services.

Prudential is a publicly traded company and is listed on the New York Stock Exchange. The company’s stock is a component of the Dow Jones Industrial Average.

Prudential has a long history of corporate social responsibility. The company has been involved in a variety of philanthropic initiatives, including education, healthcare, and environmental sustainability. Prudential is also a major sponsor of the Prudential Spirit of Community Awards, which recognize young people for their volunteerism and community service.

Prudential is a major employer in the United States and employs over 50,000 people. The company has offices in over 40 countries around the world.

Prudential is a well-respected company with a long history of providing financial security to its customers. The company is committed to corporate social responsibility and is a major employer in the United States.

Here are some of the Key achievements of Prudential Financial:

In 2022, Prudential was ranked the fifth-largest life insurance company in the world by Forbes.
In 2021, Prudential was named one of the World’s Most Ethical Companies by Ethisphere.
In 2020, Prudential was awarded the Corporate Social Responsibility Award by the Financial Services Forum.
In 2019, Prudential was named one of the Best Places to Work by Fortune magazine.

Prudential Financial is a well-established company with a strong track record of success. The company is committed to providing financial security to its customers and to making a positive impact on the world.

6. MetLife (United States)

MetLife is a Fortune 500 company and one of the largest life insurance companies in the world. It is headquartered in New York City, New York, and has over 50 million customers in over 60 countries. MetLife offers a wide range of insurance products, including life insurance, annuities, and employee benefits.

MetLife was founded in 1868 as the Mutual Life Insurance Company of New York. It was the first life insurance company to offer a guaranteed renewable term insurance policy. In 1909, the company changed its name to Metropolitan Life Insurance Company.

MetLife grew rapidly in the early 20th century. By 1929, it had over 10 million policyholders and was the largest life insurance company in the world. The company’s growth continued in the decades that followed, and it became a major player in the financial services industry.

In the 1990s, MetLife began to expand its international operations. It acquired several foreign life insurance companies and established new offices in Asia, Europe, and Latin America. In 2000, MetLife merged with Travelers Group to form MetLife Holdings.

MetLife has faced some challenges in recent years. The company has been criticized for its high fees and its involvement in the subprime mortgage crisis. However, MetLife remains a strong financial institution with a long history of providing insurance to its customers.

Some of the products and services offered by MetLife:

Life insurance: MetLife offers a variety of life insurance products, including term life insurance, whole life insurance, and universal life insurance.
Annuities: MetLife offers a variety of annuities, which are retirement savings products that provide guaranteed income for life.
Employee benefits: MetLife offers a variety of employee benefits, including health insurance, dental insurance, and vision insurance.
Other financial services: MetLife also offers a variety of other financial services, such as investment products and retirement planning services.

Here are some of the key facts about MetLife:

Founded in 1868
Headquarters in New York City
Over 90 million customers in over 40 countries
Offers a wide range of financial products and services, including life insurance, annuities, retirement plans, and employee benefits
Employs over 60,000 people worldwide
Financially strong company with a long history of providing excellent service

MetLife is a large and complex company with a wide range of products and services. It is a major player in the financial services industry and has a long history of providing insurance to its customers.

7. AIA (Hong Kong)

AIA (Hong Kong) is one of the leading life insurance companies in Hong Kong, providing a wide range of insurance products and services to meet the needs of individuals and businesses. The company was founded in 1931 as the American International Assurance Company, Limited (AIA Co), and has since grown to become one of the largest life insurers in the world, with over 30 million customers in 18 markets across Asia.

AIA (Hong Kong) offers a comprehensive range of life insurance products, including term insurance, whole life insurance, endowment insurance, and investment-linked insurance. The company also provides a variety of health insurance products, such as critical illness insurance, hospital cash plans, and medical insurance. In addition, AIA (Hong Kong) offers retirement planning products, such as annuities and retirement savings plans.

AIA (Hong Kong) is committed to providing its customers with excellent service and support. The company has a network of over 1,000 branches and offices across Hong Kong, and its customer service team is available 24/7 to answer any questions or concerns.

AIA (Hong Kong) is a responsible corporate citizen. The company is committed to giving back to the community through its various CSR initiatives. These initiatives focus on areas such as education, health, and the environment.

AIA (Hong Kong) is a trusted and reliable provider of life insurance and health insurance products and services. The company has a long history of providing excellent service to its customers, and is committed to helping them achieve their financial goals.

Here are some of the Key strengths of AIA (Hong Kong):

Strong financial position: AIA (Hong Kong) is one of the largest life insurers in the world, with a strong financial position. This means that the company is well-positioned to meet its financial obligations to its customers.
Wide range of products and services: AIA (Hong Kong) offers a wide range of life insurance and health insurance products and services to meet the needs of individuals and businesses. This gives customers the flexibility to choose the products that best meet their needs.
Excellent customer service: AIA (Hong Kong) has a reputation for providing excellent customer service. The company has a network of over 1,000 branches and offices across Hong Kong, and its customer service team is available 24/7 to answer any questions or concerns.
Strong commitment to CSR: AIA (Hong Kong) is committed to giving back to the community. The company supports a variety of CSR initiatives, such as education, health, and the environment.

If you are looking for a reliable and trustworthy provider of life insurance and health insurance products and services, then AIA (Hong Kong) is a good option to consider. The company has a strong financial position, a wide range of products and services, excellent customer service, and a strong commitment to CSR.

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8. Manulife Financial (Canada)

Manulife Financial is a Canadian multinational financial services company headquartered in Toronto, Ontario. It is the largest life insurance company in Canada and the eighth-largest in the world, with over 25 million customers and assets under management of over CA$1.3 trillion.

Manulife offers a wide range of financial products and services, including life insurance, health insurance, property and casualty insurance, retirement products, and asset management. The company operates in over 20 countries around the world, with a focus on Asia, Canada, and the United States.

Manulife was founded in 1887 as the Manufacturers Life Insurance Company. The company has a long history of innovation, and was the first life insurance company in Canada to offer term insurance and group life insurance. Manulife has also been a pioneer in the development of retirement products, and was the first company in Canada to offer a registered retirement savings plan (RRSP).

In recent years, Manulife has expanded its operations into Asia. The company has acquired a number of Asian insurers, and now has a significant presence in China, Hong Kong, Indonesia, Malaysia, and Singapore. Manulife is also a major player in the United States, where it operates under the name John Hancock.

Manulife is a publicly traded company, and its shares are listed on the Toronto Stock Exchange and the New York Stock Exchange. The company is ranked 418th on the Fortune 500 list of the largest corporations in the United States.

Here are some of the key facts about Manulife Financial:

Founded in 1887
Headquartered in Toronto, Ontario, Canada
Eighth-largest life insurance company in the world
Over 25 million customers
Assets under management of over CA$1.3 trillion
Operated in over 20 countries
Focus on Asia, Canada, and the United States
Pioneer in the development of life insurance, retirement products, and asset management
Publicly traded company
Ranked 418th on the Fortune 500 list

Manulife Financial is a major player in the global financial services industry. The company offers a wide range of financial products and services to meet the needs of its customers around the world. Manulife is committed to helping its customers make their decisions easier and their lives better.

9. Chubb (Switzerland)

Chubb (Switzerland) is a subsidiary of Chubb Limited, a global insurance company headquartered in Warren, New Jersey. Chubb (Switzerland) offers a wide range of insurance products and services to businesses and individuals in Switzerland, including property and casualty insurance, life insurance, and health insurance.

The company was founded in 1861 as the Swiss Accident Insurance Company. It was renamed Chubb (Switzerland) in 1998 after Chubb Limited acquired it. Chubb (Switzerland) has its headquarters in Zurich and employs over 95 people.

The company offers a wide range of insurance products and services to businesses and individuals in Switzerland, including:

Property and casualty insurance: This type of insurance covers damage to property and personal belongings, as well as liability for accidents and injuries.
Life insurance: This type of insurance provides financial protection for your family in the event of your death.
Health insurance: This type of insurance helps cover the cost of medical care.

Chubb (Switzerland) is committed to providing its customers with excellent service. The company has a team of experienced and knowledgeable advisors who can help you choose the right insurance products and services for your needs.

In addition to its insurance products and services, Chubb (Switzerland) also offers a variety of risk management solutions. These solutions can help businesses and individuals reduce their risk of loss and exposure to financial hardship.

Chubb (Switzerland) is a reliable and trustworthy insurance company with a long history of providing excellent service. If you are looking for insurance in Switzerland, Chubb (Switzerland) is a great option to consider.

Here are some of the key features of Chubb (Switzerland):

A wide range of insurance products and services
Experienced and knowledgeable advisors
Commitment to providing excellent service
Variety of risk management solutions
Reliable and trustworthy company

If you are looking for insurance in Switzerland, Chubb (Switzerland) is a great option to consider. The company has a long history of providing excellent service and offers a wide range of products and services to meet your needs.

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10. Zurich Insurance (Switzerland)

Zurich Insurance Group is a Swiss multinational insurance company headquartered in Zurich, Switzerland. It is the world’s 112th-largest public company according to Forbes’ 2021 Global 2000 ranking, and in 2011, it ranked 94th in Interbrand’s top 100 brands.

The company was founded in 1872 as the Schweizerische Versicherungs-Gesellschaft (Swiss Insurance Company). It expanded to North America in 1912 and to the United Kingdom in 1919. Zurich Insurance now operates in over 170 countries and employs over 60,000 people.

The company offers a wide range of insurance products, including property and casualty insurance, life insurance, health insurance, and reinsurance. It is also a major provider of financial services, such as asset management and investment banking.

Zurich Insurance is a member of the Dow Jones Sustainability Index and has been recognized for its environmental, social, and governance (ESG) practices. The company has also been ranked as one of the world’s most ethical companies by Ethisphere Institute.

In 2022, Zurich Insurance reported net income of CHF 6.4 billion (USD 6.6 billion). The company’s assets under management totaled CHF 748 billion (USD 773 billion).

Zurich Insurance is a major player in the global insurance industry. It is known for its strong financial performance, its commitment to ESG, and its innovative products and services. The company is well-positioned to continue to grow in the years to come.

Here are some of the key facts about Zurich Insurance:

Founded in 1872
Headquartered in Zurich, Switzerland
World’s 112th-largest public company
Over 15 million customers
Operates in over 170 countries
Offers a wide range of insurance products
Member of the Dow Jones Sustainability Index
Recognized for its ESG practices
Ranked as one of the world’s most ethical companies
Net income of CHF 6.4 billion (USD 6.6 billion) in 2022
Assets under management of CHF 748 billion (USD 773 billion) in 2022

Overall, Zurich Insurance is a good choice for people who are looking for a reliable and reputable insurance company. The company offers a wide range of products and services, and has a strong financial performance. However, Zurich Insurance can be expensive, and customer service can be slow at times.

Additional tips for choosing a life insurance company:

Consider your needs: What type of life insurance do you need? How much coverage do you need?
Get quotes from multiple companies: Compare quotes from different companies to get the best possible price.
Read reviews: Read reviews of different companies to see what other customers have to say about their service.
Ask questions: Don’t be afraid to ask questions to the company representatives to make sure you understand everything.

With careful planning, you can choose a life insurance company that will provide financial security for your loved ones for years to come.

Conclusion

These companies are all large, well-established institutions with a long history of providing life insurance products and services. They offer a wide range of policies to meet the needs of individuals and families of all ages and circumstances.

When choosing a life insurance company, it is important to consider your individual needs and preferences. Some factors to consider include the company’s financial strength, reputation, customer service, and the types of policies they offer.

It is also important to compare quotes from different companies before making a decision. You can do this by using an online comparison tool or by contacting several companies directly.

Life insurance can provide financial security for your loved ones in the event of your death. It can also help you save for retirement or pay for college. If you are considering buying life insurance, be sure to do your research and choose a company that is right for you.

Ch Zubee August 25, 2023Last Updated: November 20, 2023