Top ten life insurance Companies Globally
Nothing is guaranteed today absolutely nothing except for one thing and only one Death. Death is guaranteed from the time you are born. In today’s world surviving without money is impossible and that is why the principle earning person of the house is worried about how their family will cope in case something happens to him/her and that is where the life insurance companies step in. These companies assure people that after their death their family will get the money but it’s not as simple as it seems. The person getting into the contract with the company has to pay a premium amount in either installments or in lump sum to enjoy the benefits later. But it’s not all golden as it looks. Lots of times the customers are cheated with theories like the death was Suicide, fraud, war, riot or civil commotion and in that case the companies do not provide them the promised money. Let’s take a look at the top 10 companies in life insurance business globally.
1. Japan Post Holdings
Headquarters situated in Kasumigaseki,Chiyoda,Tokyo Japan Post Holdings is a Japanese state owned conglomerate which operates via four main divisions Japan post service, Japan Post network, Japan post bank and Japan post insurance. The company offers a variety of service one of them being life insurance. The reason for its top position on the ladder is because of its humungous revenue of 201.187 Billion US$. Not only this but with Net income worth US$5.398 billon , Total assets worth US$ 3.550 trillion and total equity of US$ 120.87 billion there is no question whatsoever as to why it is holding No.1 Spot.
Founded in 1816 and Headquartered in the 8th arrondissement of Paris AXA is the French MNC, investment banking which offers insurance and other financial services.AXA is an independently run business conglomerate which runs according to the rules and regulation of various countries. It occupies the second position on the ladder with whooping revenue of US$128.4 billion. Also with an all time high for AXA a profit of US$ 5.45billion is what tells how popular and renowned it is an asset for the insurance sector at the global level. While the data are not as astounding as the No.1 but still the figures are ridiculously impressive.
This multination finance services German company has it’s headquarter in Munich. Its basic focus is insurance. Founded on February 5, 1890 in Berlin by the director of Munich Reinsurance Company, the company became the first ever company to get the license for distributing corporate policies in 1900.Year 1905 was a huge turn over for this company as it got Fides insurance company under its possession which at the time was the innovator of first form of Home invasion insurance. With current revenue of 115.451 billion US$ this company is in the list of world’s top 5 global active investment manager.
4. Assicurazioni Generali
The largest insurance company of Italy and also the largest one in Europe Assicurazioni Generali has headquarters in Trieste. According to 2010 data this company ranked No.2 in the list of world’s largest insurance companies just behind AXA. The company was established on 26 December,1831.It operates through branches situated all over the map in Europe, Middle East and East Asia, with large market shares in Italy, Poland, Germany , France, Austria, Slovenia, Croatia, Serbia, Spain, Switzerland, Romania, Israel, Japan, China and Bosnia and Herzegovina. With Current revenue of 83.140 billion US$ it certainly deserves to be No.4.
The German Munich Re Group that is Munich reinsurance Company is located in Munich, Germany. It maybe ranked 5 but there is no doubt about the fact that it is one of the most leading reinsurers in the world. Munich Re got itself recognized in the insurance industry after the San Francisco earthquakes of 1906 as it was only insurer that remained debt free and solid even after paying all the claims. With 82.601 billion US$ Revenue Value it is certainly a renowned insurance company in the business and it is growing fast.
6.Industrial and Commercial Bank of China
Founded in 1984 in Beijing, China the Industrial and commercial Bank of China is the largest bank in the world with highest Assets and Market Capitalization. With over 18,000 branches approximately with 405,354 employees and assets worth 12.55 Trillion this bank was ranked No.1 in Banker’s top 1000 banks list. Services like Consumer Banking, Corporate Banking ,Investment Banking, Global Wealth Management, Private Equity, Mortgages, Credit Cards are what this bank provides besides Insurance and financial services .With Revenue of 77.362 billion US$ this bank is a leading brand in insurance investment.
7. Zurich Insurance Group
Being headquartered in Zurich, Switzerland and founded in 1872, Zurich insurance Group is a Swiss Insurance Company. With over 60,000 employees Zurich Insurance group is established and working in more than 170 countries all around the globe. Besides Life insurance services this company also provides non-insurance, pensions and investment services to its customers. The company is listed on SIX Swiss Exchange. The revenue values of 70.414 billion US$ the company is definitely a leading brand in the insurance field.
The ING group headquartered in Amsterdam, Netherlands is a Dutch MNC banking and financial services corporation. The insurance companies of Netherlands and the Dutch financial service providers merged together in 1991 to form ING. Having over 48 Million individual as well as institutional clients in more than 40 countries plus an employee count of 75,000 plus is a huge marker of the success of the company. It has so many more products than just insurance like Retail, Private, Direct Investment, Commercial banking as well as Asset management. Also the 52.909 billion US$ revenue is very impressive.
Headquartered in London, UK, Prudential plc is a British life insurance and financial services company. It was formerly knows as The Prudential Mutual Assurance Investment and Loan Association in 30 May 1848 when it was founded in London and it used to provide loans to working people. Its UK division has a customer count of 7 Million with its secure life insurance policies and pension schemes. The company was first listed on London stock Exchange in 1924 which was huge milestone. With the revenue value of 48.591 billion US$ Prudential plc is no less in this business.
10.Prudential Financial Inc.
Founded in 1875 by John F. Dryden Prudential Financial Inc. AKA The Prudential Insurance Company of America has its headquarters in Prudential Plaza, Newark, New Jersey, U.S. The company provides services like insurance, investment, management and some other financial services like life annuities, mutual funds and pensions to not only retail customers but also to institutional customers throughout the nation. Hundreds of subsidiaries together constitute the Prudential Inc and they hold $2 trillion worth of life insurance. The Prudential Inc. got listed to New York stock exchange on 13 December 2001.
All of these above mentioned Companies not only provide life insurance services but also financial services including loans, pensions, Investment and equity and asset management services too. So why are they ranked this way if they all provide the same thing. It’s because of the way they provide these services. Lesser the loopholes in their polices more will be the market capitalization. So all these companies do what they do to great extent but what matters is who does it with more efficiency. Companies keep improving and data’s keep changing because life insurance is ever growing investment Business.