What Is Insurance?
Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients’ risks to make payments more affordable for the insured.
Now we take a look at some of the world’s top insurance companies. There are many criteria on the basis of which such a list can be prepared: premium collections, revenue, profit, geographical area, assets, and more. The following list focuses on market capitalization, with companies listed in alphabetic al order.
AIA Group Ltd
AIA Group was founded in 1919 in Singapore and is currently headquartered in Hong Kong. It is the largest pan-Asian life insurance group, with a presence in 18 different markets including China, Australia, New Zealand, India, and Cambodia. It specializes in life insurance and other financial services.
As of Dec. 31, 2018, AIA reportedly had assets of $230 billion and a market cap of $121.65 billion.
American International Group (AIG)
AIG, or American International Group, has offices in 80 different countries. The company, founded in Shanghai in 1919, is currently headquartered in New York City. It mainly operates in three segments including general insurance (commercial and personal insurance), life, and retirement, as well as a tech nology subsidiary called Blackboard Insurance.
The company reported a net loss of $622 million in the third quarter of 2018 and had a market cap of $40.01 billion.
AXA
With over 102 million customers in 56 countries and an employee base of more than 125,000, AXA is one of the world’s leading insurance groups. Its main businesses are property and casualty insurance, life insurance, savings, and asset management. It was founded in 1816 when several insurance companies merged to create AXA. The company is headquartered in Paris but has a presence across Africa, North America, Central, and South America, Asia Pacific, Europe, and the Middle East.
AXA acquired 51% of the insurance operations of Colpatria Seguros in Colombia in 2013. During the same year, it became the largest international insurer operating in China as a result of its 50% acquisition of Tian Ping (a Chinese property and casualty insurer). AXA also acquired the non-life insurance operations of HSBC in Mexico.
The market cap for the AXA Group was $56.56 billion.
China Life Insurance
China Life Insurance (LFC) is one of Mainland China’s largest state-owned insurance and financial services companies, as well as a key player in the Chinese capital market as an institutional investor.
The company was founded in 1949 when the People’s Insurance Company of China (PICC) was formed. Its offshoot PICC (Life) Co. Ltd was created after parting ways with PICC in 1996. PICC (Life) Co. Ltd was renamed as China Life Insurance Company in 1999. The China Life Insurance Company was restructured in 2003 as China Life Insurance (Group) Company, which has seven subsidiaries. The businesses are spread across life insurance, pension plans, asset management, property and casualty, investment holdings, and overseas operations.
The company is listed on the New York Stock Exchange, the Hong Kong Stock Exchange, and the Shanghai Stock Exchange and is the biggest public life insurance company in terms of market capitalization in the world. The company boasts a market cap of $118.95 billion.
MetLife
Serving more than 90 million customers in more than 60 countries, MetLife has a market cap of $44.65 billion. It is one of the world’s largest insurers and also provides services in employee benefits and annuities.
The company’s affiliates and subsidiaries include MetLife Investors, MetLife Bank-which was sold to GE Capital in 2013-MetLife Securities, Metropolitan Property, and Casualty Insurance Company.
MetLife reported a net income of $2 billion in the fourth quarter of 2018, with total revenue of $15.66 billion.
Originally published at https://wikiglobez.com
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