The insurance sector is well represented in the latest Forbes Global 2000 list, which ranks 2,000 of the world's largest public companies according to a composite score that takes into account the revenues, profits, assets and market value of each company. Ping An, MetLife, Cigna, State Farm, Progressive, Geico, Allstate, USAA, Liberty Mutual, Farmers Insurance, Travelers, Nationwide and American Family Insurance are some of the most prominent names in the industry. Ping An is the highest-ranking insurance company on the list with a market value of $1.2 trillion. Forbes described Ping An as a “formidable source of revenue” due to the increase in its revenues and customer base, which increased to 227 million from 218 million the previous year.
MetLife continued its growth compared to last year, despite falling in the rankings. The insurer saw an increase of almost 5% in sales and more than 20% in profits. The firm serves about 100 million customers in 40 countries around the world and offers life, medical, dental, accident and health and credit insurance products for individuals and groups. It also offers annuities, endowments, and retirement and savings products.
Cigna ranks sixth with the highest market value among all the insurance companies on the list. However, its overall ranking dropped 24 places, costing the company fourth place among the major insurance companies, which it ranked last year. The firm offers health, pharmacy, dental, supplement insurance and Medicare plans to individuals, families and groups. State Farm is one of the largest car insurers available on this list and offered the cheapest car insurance rates in most of the U.
S. UU. USAA is another large insurer that provides auto insurance coverage as well as life insurance policies for military personnel and their families. Liberty Mutual is another large insurer that offers auto insurance coverage as well as life insurance policies for individuals and families.
Farmers Insurance is a mutuality model for an insurance company that dates back hundreds of years and there are certain benefits granted to policyholders that do not exist in publicly traded insurers (public limited liability companies). Travelers is a good choice for auto insurance coverage due to its moderate complaint ratings and a variety of discounts. At the end of last year, China Life had approximately 323 million individual and group long-term life insurance policies, annuity contracts, and long-term health insurance policies in place. Auto Club Group offers many auto insurance options such as rideshare insurance and coverage from the original equipment manufacturer which pays for the manufacturer's spare parts rather than aftermarket parts if you suffer a covered accident.
When choosing an insurance company it is important to consider your financial goals budget and cash value you want to accumulate in a policy. We use data provided by Veralytic an independent provider of life insurance research and analysis to find the best life insurance companies. It is also important to remember that there is no guarantee that a larger insurer will have a higher or lower price than a smaller insurer especially since each insurer evaluates risk differently.