The Largest Insurance Companies in the World
Allianz is the largest insurance company in the world by assets at roughly $1.05 trillion, ahead of Ping An and Berkshire Hathaway. The fourteen largest together hold about $10 trillion in assets.
World's largest: Allianz (~$1.05T) · Top 14 combined: ~$10T · 14 insurers · 9 countries
An insurance company invests the premiums it collects, holding a large general account of bonds, equities, real estate, and private assets to back future claims. Measured by total assets, Allianz of Germany is the largest in the world at roughly $1.05 trillion, ahead of China's Ping An and Berkshire Hathaway; together the fourteen largest hold about $10 trillion.
The ranking below orders these companies by total assets, using AM Best's 2025 ranking of the world's largest insurers. They are among the largest institutional investors on earth: the general accounts of life insurers in particular are major limited partners in private credit, private equity, and real estate. Every company links to its Altss profile, where coverage and activity are tracked.
Largest insurance companies by assets
As of AM Best's 2025 ranking (2024 fiscal-year data)
| # | Company | Assets (USD) | Headquarters |
|---|---|---|---|
| 1 | AllianzWorld's largest insurer by assets for a fifth straight year; owns PIMCO and Allianz Global Investors | $1.05T | Munich, Germany |
| 2 | Ping An Insurance GroupChina's largest insurer; figure is net non-banking assets, excluding Ping An Bank | $961B | Shenzhen, China |
| 3 | Berkshire HathawayInsurance operations include GEICO and Gen Re; the insurance float funds its investments | $948B | Omaha, United States |
| 4 | China Life InsuranceChina's largest life insurer by assets; state-controlled | $885B | Beijing, China |
| 5 | AXAFrance's largest insurer; owns AXA Investment Managers | $714B | Paris, France |
| 6 | Prudential FinancialUS insurer (NYSE: PRU); asset manager PGIM oversees more than $1.3T. Distinct from the UK's Prudential plc | $690B | Newark, United States |
| 7 | MetLifeOne of the largest US life insurers; MetLife Investment Management runs its general account | $667B | New York, United States |
| 8 | Nippon Life InsuranceJapan's largest private life insurer | $660B | Osaka, Japan |
| 9 | Manulife FinancialCanada's largest insurer; operates as John Hancock in the United States | $627B | Toronto, Canada |
| 10 | Legal & General GroupUK insurer; LGIM is one of Europe's largest asset managers | $619B | London, United Kingdom |
| 11 | Assicurazioni GeneraliItaly's largest insurer; parent of Generali Investments | $554B | Trieste, Italy |
| 12 | Life Insurance Corporation of IndiaState-owned; the world's largest life insurer by policies in force | $554B | Mumbai, India |
| 13 | American International Group (AIG)AIG (NYSE: AIG); global property-casualty and life insurer | $527B | New York, United States |
| 14 | Great-West LifecoControlled by Power Corporation; operates Empower and Putnam in the US | $518B | Winnipeg, Canada |
Figures are total assets from AM Best's 2025 ranking of the world's largest insurance companies, based on 2024 fiscal-year data on a net non-banking basis, so bank subsidiaries (for example Ping An Bank) are excluded. Total assets differ from third-party assets under management: several of these insurers also run large asset managers (Allianz's PIMCO, Prudential Financial's PGIM, Legal & General's LGIM) whose external AUM is not counted here. Figures are converted to USD and are point-in-time. Bars show relative size.
Four things to know about the largest insurers
The biggest institutional investors
Insurers hold enormous general accounts, the pools of premiums they invest to back future claims. The fourteen largest control about $10 trillion in assets, most of it in bonds but with growing sleeves in private credit, private equity, and real estate. That makes them among the largest limited partners (LPs) in private markets.
Private credit's anchor buyers
Insurance general accounts are the single largest source of capital in investment-grade private credit. Life insurers buy privately placed, rated debt to match long-dated liabilities, and firms like Apollo, KKR, and Brookfield have bought or built insurers (Athene, Global Atlantic, American Equity) to capture that balance-sheet demand.
Assets versus AUM
Ranking insurers is not the same as ranking asset managers. Allianz, Prudential Financial, and Legal & General own some of the world's largest asset managers (PIMCO, PGIM, and LGIM), whose third-party AUM runs into the trillions and is not counted in the balance-sheet assets shown here.
Global by design
The largest insurers span Germany, China, the United States, France, Japan, Canada, the UK, Italy, and India. Regulatory regimes, NAIC rules in the US and Solvency II in Europe, shape how each deploys its general account, and with it each insurer's appetite as a fund investor.
How insurers invest as limited partners
Insurance balance sheets are built to match long-dated liabilities, so their general accounts skew heavily toward fixed income. But the search for yield has pushed the largest insurers steadily into private markets: private credit and privately placed debt first, then private equity, infrastructure, and real estate. Life insurers are now the anchor buyers of investment-grade private credit, and private-market firms have acquired insurers to secure permanent balance-sheet capital.
For fund managers, insurers are a distinct and demanding class of limited partner: rating-sensitive, regulation-driven, and often looking for rated-note structures or separately managed accounts rather than standard fund commitments. Understanding each insurer's general-account appetite and decision-makers is central to raising insurance capital, which is what Altss tracks across 150,000+ institutional entities.
How this ranking is built
Altss ranks insurance companies by total assets, using AM Best's 2025 ranking of the world's largest insurers (2024 fiscal-year data) on a net non-banking basis. Where an insurer also operates a large asset manager, that manager's third-party AUM is reported separately and not added to balance-sheet assets. Figures are converted to USD and refreshed as new rankings and filings are published. This page was last reviewed in July 2026.
For managers raising insurance capital, each company's profile tracks coverage, mandate activity, and personnel where publicly observable.
Largest insurance companies — questions
What is the largest insurance company in the world?
Are insurance companies limited partners (LPs)?
What is the difference between an insurer's total assets and its AUM?
Which insurers are the biggest investors in private markets?
How are these insurance companies ranked?
Sources
Figures are drawn from each company's own reports and the following authoritative sources.
AM Best — World's Largest Insurance Companies
Annual ranking of the largest insurers by admitted, non-banking assets.
Allianz — Investor relations
Financial reporting for the world's largest insurer by assets.
Insurance Business — World's biggest insurance firms 2025
Trade-press summary of the AM Best asset ranking.
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Raising from institutional allocators?
Altss tracks insurance companies, pension funds, sovereign wealth funds, and 150,000+ institutional entities, with verified contacts, mandates, and signals for fund managers.