There are thousands of companies operating in the insurance industry, offering a wide range of products and services. Most specialize in a specific type of insurance, while some offer multiple categories. The largest companies in the industry generally cover all types: life, property and casualty, health, and business insurance. Some have even diversified into healthcare and financial services.
The list below shows the 10 largest insurance companies, ranked by their trailing 12-month (TTM) revenue. It includes only companies publicly traded in the United States or Canada, either directly or through ADRs. Note that some foreign companies report their results semi-annually, which may result in a slight lag in the data. All information is current as of February 18, 2024, and is sourced from Google Finance.
Top 10 Largest Insurance Companies by Revenue (TTM):
1. UnitedHealth Group (UNH)
Revenue: $94.4 billion
Net Income: $5.5 billion
Market Capitalization: $482.4 billion
Annual Return: 4.5%
Stock Exchange: NYSE
UnitedHealth Group combines the insurance operations of UnitedHealthcare and the health services of Optum.
2. Berkshire Hathaway Inc. (BRK.B)
Sales: $93.2 billion
Net income: -$12.8 billion
Market capitalization: $879.4 billion
Annual return: 31.7%
Stock exchange: NYSE
A holding company led by Warren Buffett, Berkshire Hathaway owns numerous subsidiaries, including several in the insurance sector, such as Geico, General Re, and National Indemnity.
3. CVS Health Corp Group (CVS)
Revenue: $89.4 billion
Net income: $2.3 billion
Market capitalization: $97.03 billion
Annual return: -12.9%
Stock exchange: NYSE
Known for its pharmacies, CVS has also owned the insurer Aetna since 2018. It offers comprehensive health solutions: insurance, pharmaceutical products, and wellness services.
4. The Cigna Group (CI)
Revenue: $49.0 billion
Net income: $1.4 billion
Market capitalization: $99.8 billion
Annual return: 13.3%
Stock exchange: NYSE
Cigna defines itself as a global provider of health benefits, with two main businesses: Evernorth Health Services and Cigna Healthcare.
5. Elevance Health Inc. (ELV)
Revenue: $42.9 billion
Net Income: $1.3 billion
Market Capitalization: $120.5 billion
Annual Return: 3.6%
Stock Exchange: NYSE
Specializing in health insurance, Elevance covers approximately 47 million members across several segments, including commercial, government, and pharmacy lines.
6. Centene Corp (CNC)
Revenue: $35.2 billion
Net Income: $469 million
Market Capitalization: $42.1 billion
Annual Return: 7.3%
Stock Exchange: NYSE
Centene is a leading insurer for U.S. government programs, including Medicare and Medicaid. It also offers specialized services in mental health, clinical care, pharmacy, and more.
7. Ping An Insurance (PNGAY)
Revenue: $28.8 billion
Net income: $2.3 billion
Market capitalization: $99.8 billion
Annual return: -97.1%
Stock exchange: OTC
A Chinese company, Ping An offers life and non-life insurance products, as well as banking and asset management services. It also invests in technology development.
8. Allianz (ALIZY)
Revenue: $26.5 billion
Net income: $2.2 billion
Market capitalization: $103.9 billion
Annual return: 14.4%
Stock exchange: OTC
A German insurance and asset management giant, Allianz operates in more than 70 countries and manages approximately $1.8 trillion in assets.
9. Humana Inc. (HUM)
Revenue: $26.4 billion
Net income: $832 million
Market capitalization: $44.9 billion
Annual return: -28.1%
Stock exchange: NYSE
Humana is an American health insurer that provides plans for Medicare, Medicaid, the military, and consumers. It operates through two segments: Insurance and CenterWell (pharmacy, home care, primary care).
10. Axa SA (AXAHY)
Revenue: $22.5 billion
Net income: $2.1 billion
Market capitalization: $70 billion
Annual return: 9.8%
Stock exchange: OTC
AXA is an international insurance and financial services company based in France. It offers life, health, and property insurance products and manages approximately €932 billion in assets.
