This list ranks the 25 largest insurance companies in the world by revenue for fiscal year 2025, using the Fortune Global 500 ranking published on 28 July 2026. It covers the companies that Fortune assigns to its four insurance categories: life and health (stock), life and health (mutual), property and casualty (stock) and property and casualty (mutual).
Berkshire Hathaway heads the list with revenue of US$371.4bn, although that figure includes its railway, energy, manufacturing and retail businesses. The largest insurers whose revenue comes mainly from insurance are China Life Insurance, Ping An and Allianz. Eight of the 25 are based in the United States, five in mainland China, four in Japan and three in Germany.
Contents
- How insurer revenue is measured
- Methodology
- The list
- Comparison table
- Health insurers
- Distribution by country
- Frequently asked questions
- See also
How insurer revenue is measured
For insurance companies Fortune counts premium and annuity income, investment income, realised capital gains or losses and other income, but excludes deposits. Revenue therefore rises in years of strong investment returns and can fall when markets decline, which is why Prudential Financial's 2025 revenue dropped 13.7% while most peers grew. Profits of mutual insurers are based on statutory accounting and are not directly comparable with those of stock companies.
Methodology
Entries are the 25 companies with the highest revenue among those Fortune classifies in its four insurance industries in the Fortune Global 500 2026, listed in descending order of revenue. Fortune ranks companies by total revenue for fiscal years ending on or before 31 March 2026 and includes only companies that publish financial data and report part or all of their figures to a government agency.
Revenue and profit of non-US companies are converted by Fortune into US dollars at the average exchange rate of each company's fiscal year, and assets at the year-end rate; no further conversion has been applied. Health insurers and managed-care companies, which Fortune places in a separate health-care category, are excluded and discussed below. Segment descriptions are taken from the Forbes Global 2000 2026 company data.
The list
1
BH
Omaha holding company whose largest segment is insurance and reinsurance
Best for: Diversified insurance and reinsurance group
Berkshire Hathaway is a holding company whose segments include insurance and reinsurance, the BNSF railroad, Berkshire Hathaway Energy, Pilot Travel Centers, manufacturing and the McLane distribution business. Fortune classifies it as a property and casualty insurer and records fiscal 2025 revenue of US$371.4bn, profit of US$66,968m and assets of US$1,222.2bn, the largest figures of any company in that category. Because its revenue includes the non-insurance subsidiaries, its lead over specialist insurers overstates the size of its insurance operations.
- Revenue (FY2025)
- US$371.4bn
- Profit (FY2025)
- US$66,968m
- Total assets
- US$1,222.2bn
- Employees
- 387,800
- Headquarters
- Omaha, Nebraska, US
- Fortune industry
- Insurance: Property and Casualty (Stock)
- Fortune Global 500 2026 rank
- 11
Strengths
- Largest revenue and profit of any company Fortune classes as an insurer
- Very large capital base
Limitations
- Revenue includes railway, energy, manufacturing and retail businesses, not only insurance
- Not directly comparable with specialist insurers
2
Beijing-based life, annuity, accident and health insurer
Best for: Life insurance in China
China Life Insurance writes life, annuity, accident and health insurance through segments organised by line of business. Fortune records revenue of US$178.2bn for 2025, up 11.2% on the previous year, and profit of US$3,548m. It is the largest insurer in the ranking whose revenue comes almost entirely from insurance. It reports 175,710 employees.
- Revenue (FY2025)
- US$178.2bn
- Revenue change
- 11.2%
- Profit (FY2025)
- US$3,548m
- Total assets
- US$1,225.0bn
- Employees
- 175,710
- Headquarters
- Beijing, China
- Fortune industry
- Insurance: Life, Health (stock)
- Fortune Global 500 2026 rank
- 42
Strengths
- Largest pure-play insurer by revenue
- Revenue growth of 11.2% in 2025
Limitations
- Profit margin is low relative to revenue
- Concentrated in a single national market
3
PA
Shenzhen-based financial group combining insurance, banking and asset management
Best for: Integrated insurance and financial services in China
Ping An Insurance (Group) operates life and health insurance, property and casualty insurance, banking, trust, securities, asset management and technology businesses. Fortune records 2025 revenue of US$158.6bn and profit of US$18,751m, the highest profit in the list after Berkshire Hathaway. Its total assets of US$1,987.5bn are also the largest in the ranking, reflecting the inclusion of its banking subsidiary.
- Revenue (FY2025)
- US$158.6bn
- Profit (FY2025)
- US$18,751m
- Total assets
- US$1,987.5bn
- Employees
- 258,806
- Headquarters
- Shenzhen, China
- Fortune industry
- Insurance: Life, Health (stock)
- Fortune Global 500 2026 rank
- 48
Strengths
- Highest profit after Berkshire Hathaway
- Diversified across insurance, banking and asset management
Limitations
- Revenue and assets include banking, which complicates comparison with insurers
- Exposure to the Chinese property and credit markets through investments
4
Munich-based insurer and asset manager, Europe's largest insurer by revenue
Best for: Property-casualty, life and asset management
Allianz reports Property-Casualty, Life/Health, Asset Management and Corporate segments. Fortune records 2025 revenue of US$134.0bn, up 8.8%, and profit of US$12,153m, making it the largest insurer headquartered in Europe on Fortune's figures. It employs 156,875 people.
- Revenue (FY2025)
- US$134.0bn
- Revenue change
- 8.8%
- Profit (FY2025)
- US$12,153m
- Total assets
- US$1,202.8bn
- Employees
- 156,875
- Headquarters
- Munich, Germany
- Fortune industry
- Insurance: Life, Health (stock)
- Fortune Global 500 2026 rank
- 67
Strengths
- Largest European insurer by revenue
- Balanced mix of insurance and asset management
Limitations
- Revenue converted from euros is affected by exchange rates
- Fortune classifies it under life and health although property-casualty is a major segment
5
US mutual property and casualty insurer, owned by its policyholders
Best for: US auto and home insurance
State Farm is the largest mutual insurer in the ranking and the largest US company in this list after Berkshire Hathaway. Fortune records 2025 revenue of US$132.3bn, up 7.6%, and profit of US$12,938m, which it notes is based on statutory accounting for mutual insurers. It is classified as a property and casualty mutual.
- Revenue (FY2025)
- US$132.3bn
- Revenue change
- 7.6%
- Profit (FY2025)
- US$12,938m
- Total assets
- US$405.7bn
- Employees
- 64,273
- Headquarters
- Bloomington, Illinois, US
- Fortune industry
- Insurance: Property and Casualty (Mutual)
- Fortune Global 500 2026 rank
- 70
Strengths
- Largest mutual insurer by revenue
- Profit of US$12,938m in 2025
Limitations
- Mutual profits are reported on statutory accounting and are not directly comparable with stock companies
- Operations concentrated in the US
6
Mumbai-based life insurer founded in 1956
Best for: Life insurance and pensions in India
Life Insurance Corporation of India reports life, pension, annuity, variable, health and linked business segments; Forbes records that it was founded on 1 September 1956 and is headquartered in Mumbai. Fortune records revenue of US$110.3bn, up 5.1%, and profit of US$6,502m. It is the largest company in the list based in India.
- Revenue (FY2025)
- US$110.3bn
- Revenue change
- 5.1%
- Profit (FY2025)
- US$6,502m
- Total assets
- US$634.0bn
- Employees
- 91,606
- Headquarters
- Mumbai, India
- Fortune industry
- Insurance: Life, Health (stock)
- Fortune Global 500 2026 rank
- 92
Strengths
- Only Indian company in Fortune's insurance categories
- Large asset base of US$634.0bn
Limitations
- Single-country concentration
- Revenue in rupees is affected by exchange-rate conversion
7
Paris-based insurer operating in France, Europe, Asia and through AXA XL
Best for: Insurance and asset management
AXA reports segments for France, Europe, the AXA XL commercial and reinsurance business, and Asia, Africa and other markets. Fortune records 2025 revenue of US$107.7bn, up 9.1%, and profit of US$11,050m. It is the second-largest European insurer in the ranking after Allianz.
- Revenue (FY2025)
- US$107.7bn
- Revenue change
- 9.1%
- Profit (FY2025)
- US$11,050m
- Total assets
- US$746.3bn
- Employees
- 103,423
- Headquarters
- Paris, France
- Fortune industry
- Insurance: Life, Health (stock)
- Fortune Global 500 2026 rank
- 94
Strengths
- Strong commercial lines presence through AXA XL
- Profit of US$11,050m
Limitations
- Revenue is affected by euro exchange rates
- Smaller than Allianz on revenue and assets
8
NL
Osaka-based mutual, Japan's largest life insurer by revenue
Best for: Life insurance in Japan
Nippon Life Insurance is a mutual company headquartered in Osaka. Fortune records 2025 revenue of US$98.0bn, an increase of 35.8%, the fastest growth among the ten largest entries for which Fortune reports a change, and profit of US$4,024m. It has 172,869 employees and assets of US$747.2bn.
- Revenue (FY2025)
- US$98.0bn
- Revenue change
- 35.8%
- Profit (FY2025)
- US$4,024m
- Total assets
- US$747.2bn
- Employees
- 172,869
- Headquarters
- Osaka, Japan
- Fortune industry
- Insurance: Life, Health (Mutual)
- Fortune Global 500 2026 rank
- 111
Strengths
- Largest Japanese insurer by revenue
- Rapid revenue growth in 2025
Limitations
- Mutual profits are not directly comparable with stock companies
- Revenue converted from yen
9
P
People's Insurance Company (Group) of China, a non-life, life and health insurer
Best for: Non-life insurance in China
The People's Insurance Company (Group) of China provides non-life insurance, mainly through PICC Property and Casualty, as well as life and health insurance and asset management. Fortune records 2025 revenue of US$93.1bn, up 7.7%, and profit of US$6,429m. It reports 179,898 employees.
- Revenue (FY2025)
- US$93.1bn
- Revenue change
- 7.7%
- Profit (FY2025)
- US$6,429m
- Total assets
- US$289.9bn
- Employees
- 179,898
- Headquarters
- Beijing, China
- Fortune industry
- Insurance: Property and Casualty (Stock)
- Fortune Global 500 2026 rank
- 123
Strengths
- Large non-life franchise in China
- Profit of US$6,429m
Limitations
- Concentrated in China
- Large workforce relative to revenue
10
Ohio-based auto and property insurer
Best for: US personal auto insurance
Progressive is an insurance holding company providing personal and commercial auto insurance, residential property insurance and other specialty property and casualty cover through Personal Lines, Commercial Lines and Property segments. Fortune records 2025 revenue of US$87.7bn, up 16.3%, and profit of US$11,308m.
- Revenue (FY2025)
- US$87.7bn
- Revenue change
- 16.3%
- Profit (FY2025)
- US$11,308m
- Total assets
- US$123.0bn
- Employees
- 70,053
- Headquarters
- Mayfield Village, Ohio, US
- Fortune industry
- Insurance: Property and Casualty (Stock)
- Fortune Global 500 2026 rank
- 139
Strengths
- Fast revenue growth
- High profit relative to revenue
Limitations
- Concentrated in US auto insurance
- Exposed to claims inflation in vehicle repair costs
11
M
New York life insurer focused on group benefits and retirement products
Best for: Group benefits and retirement
MetLife provides insurance and financial services through Group Benefits, Retirement and Income Solutions, Asia and MetLife Holdings segments. Fortune records 2025 revenue of US$77.1bn, up 8.6%, and profit of US$3,379m, with assets of US$745.2bn.
- Revenue (FY2025)
- US$77.1bn
- Revenue change
- 8.6%
- Profit (FY2025)
- US$3,379m
- Total assets
- US$745.2bn
- Employees
- 46,000
- Headquarters
- New York, New York, US
- Fortune industry
- Insurance: Life, Health (stock)
- Fortune Global 500 2026 rank
- 173
Strengths
- Large group-benefits business
- Presence in Asia and Latin America
Limitations
- Profit margin lower than many peers
- Earnings sensitive to interest rates and markets
12
JP
Japanese group combining postal, banking and life insurance businesses
Best for: Life insurance through the Japanese post office network
Japan Post Holdings manages group companies in postal, banking and insurance businesses, with segments for postal and domestic logistics, post offices, international logistics, banking and life insurance. Fortune classifies it as a life and health insurer and records 2025 revenue of US$75.9bn and profit of US$2,485m. Its total assets of US$1,822.1bn include the deposits of its banking arm.
- Revenue (FY2025)
- US$75.9bn
- Revenue change
- 0.9%
- Profit (FY2025)
- US$2,485m
- Total assets
- US$1,822.1bn
- Employees
- 224,429
- Headquarters
- Tokyo, Japan
- Fortune industry
- Insurance: Life, Health (stock)
- Fortune Global 500 2026 rank
- 177
Strengths
- Very large distribution network
- Assets of US$1,822.1bn
Limitations
- Revenue includes postal and banking operations
- Low profit relative to revenue
13
DI
Tokyo-listed life insurer with domestic and overseas operations
Best for: Life insurance and pensions
Dai-ichi Life Group provides life insurance and pension products through Domestic Life Insurance and Overseas Insurance segments. Fortune records 2025 revenue of US$75.0bn, up 15.9%, and profit of US$2,897m. Unlike Nippon Life, it is classified by Fortune as a stock company rather than a mutual.
- Revenue (FY2025)
- US$75.0bn
- Revenue change
- 15.9%
- Profit (FY2025)
- US$2,897m
- Total assets
- US$466.2bn
- Employees
- 60,138
- Headquarters
- Tokyo, Japan
- Fortune industry
- Insurance: Life, Health (stock)
- Fortune Global 500 2026 rank
- 182
Strengths
- Overseas operations diversify its revenue
- Revenue growth of 15.9%
Limitations
- Revenue converted from yen
- Lower profit than European peers of similar size
14
Largest US mutual life insurer in the ranking
Best for: US life insurance
New York Life Insurance is a mutual life insurer. Fortune records 2025 revenue of US$73.1bn, up 16.8%, and profit of US$1,212m, calculated on statutory accounting. It reports 14,713 employees.
- Revenue (FY2025)
- US$73.1bn
- Revenue change
- 16.8%
- Profit (FY2025)
- US$1,212m
- Total assets
- US$463.5bn
- Employees
- 14,713
- Headquarters
- New York, New York, US
- Fortune industry
- Insurance: Life, Health (Mutual)
- Fortune Global 500 2026 rank
- 184
Strengths
- Largest US mutual life insurer in the ranking
- Revenue growth of 16.8%
Limitations
- Statutory profit is not comparable with stock companies' figures
- US-only operations
15
Reinsurer and primary insurer through ERGO
Best for: Reinsurance
Munich Re reports life and health reinsurance, property-casualty reinsurance and ERGO primary insurance segments in Germany and internationally. Fortune records 2025 revenue of US$69.8bn, up 4%, and profit of US$6,901m. It is the largest reinsurer in the ranking, ahead of Swiss Re, which Fortune places outside the top 25 with revenue of US$44.1bn.
- Revenue (FY2025)
- US$69.8bn
- Revenue change
- 4%
- Profit (FY2025)
- US$6,901m
- Total assets
- US$328.7bn
- Employees
- 43,982
- Headquarters
- Munich, Germany
- Fortune industry
- Insurance: Property and Casualty (Stock)
- Fortune Global 500 2026 rank
- 200
Strengths
- Largest reinsurer by revenue
- Profit of US$6,901m
Limitations
- Exposed to natural-catastrophe losses
- Revenue converted from euros
16
ZI
Swiss insurer with property-casualty, life and Farmers segments
Best for: Commercial and personal insurance
Zurich Insurance Group reports Property and Casualty Regions, Life Regions and Farmers segments. Fortune records 2025 revenue of US$69.8bn, up 6.1%, and profit of US$6,798m. Its revenue is only US$36m below Munich Re's on Fortune's figures.
- Revenue (FY2025)
- US$69.8bn
- Revenue change
- 6.1%
- Profit (FY2025)
- US$6,798m
- Total assets
- US$407.2bn
- Employees
- 63,965
- Headquarters
- Zurich, Switzerland
- Fortune industry
- Insurance: Property and Casualty (Stock)
- Fortune Global 500 2026 rank
- 202
Strengths
- Profit of US$6,798m
- Global commercial insurance business
Limitations
- Smaller asset base than the life-insurance-heavy groups
- Exposed to catastrophe losses in its property business
17
A
Illinois-based personal-lines insurer
Best for: US auto and home insurance
Allstate's main Allstate Protection segment sells private passenger auto, homeowners and other personal lines. Fortune records 2025 revenue of US$67.7bn, up 5.6%, and profit of US$10,282m.
- Revenue (FY2025)
- US$67.7bn
- Revenue change
- 5.6%
- Profit (FY2025)
- US$10,282m
- Total assets
- US$119.8bn
- Employees
- 53,150
- Headquarters
- Northbrook, Illinois, US
- Fortune industry
- Insurance: Property and Casualty (Stock)
- Fortune Global 500 2026 rank
- 215
Strengths
- Profit of US$10,282m in 2025
- Large US personal-lines franchise
Limitations
- Concentrated in the US
- Exposed to catastrophe and auto-claims costs
18
G
Trieste-based insurer, the largest Italian company in the ranking
Best for: Life and property-casualty insurance in Europe
Assicurazioni Generali reports Life, Property and Casualty, and Asset Management segments. Fortune records 2025 revenue of US$67.3bn, up 8.2%, and profit of US$4,706m, with assets of US$655.9bn. It is the largest company in the ranking headquartered in Italy.
- Revenue (FY2025)
- US$67.3bn
- Revenue change
- 8.2%
- Profit (FY2025)
- US$4,706m
- Total assets
- US$655.9bn
- Employees
- 88,249
- Headquarters
- Trieste, Italy
- Fortune industry
- Insurance: Life, Health (stock)
- Fortune Global 500 2026 rank
- 218
Strengths
- Large European life book
- Assets of US$655.9bn
Limitations
- Revenue converted from euros
- Lower profit than Allianz and AXA
19
N
Ohio mutual insurance and financial-services group
Best for: US insurance and retirement products
Nationwide is a US mutual group that Fortune classifies as a property and casualty mutual. Fortune records 2025 revenue of US$64.9bn, up 10.7%, and profit of US$2,830m.
- Revenue (FY2025)
- US$64.9bn
- Revenue change
- 10.7%
- Profit (FY2025)
- US$2,830m
- Total assets
- US$342.5bn
- Employees
- 21,716
- Headquarters
- Columbus, Ohio, US
- Fortune industry
- Insurance: Property and Casualty (Mutual)
- Fortune Global 500 2026 rank
- 226
Strengths
- Revenue growth of 10.7%
- Mutual ownership
Limitations
- US-only
- Statutory profit not comparable with stock insurers
20
PF
US insurer and owner of the PGIM investment manager
Best for: Life insurance, retirement and asset management
Prudential Financial reports PGIM investment management, US Businesses and International Businesses segments. Fortune records 2025 revenue of US$60.8bn, a fall of 13.7%, the largest decline among the 25 entries, and profit of US$3,576m.
- Revenue (FY2025)
- US$60.8bn
- Revenue change
- -13.7%
- Profit (FY2025)
- US$3,576m
- Total assets
- US$773.7bn
- Employees
- 36,607
- Headquarters
- Newark, New Jersey, US
- Fortune industry
- Insurance: Life, Health (stock)
- Fortune Global 500 2026 rank
- 247
Strengths
- Large asset manager in PGIM
- Assets of US$773.7bn
Limitations
- Revenue fell 13.7% in 2025
- Revenue is volatile because it includes investment results
21
CP
Shanghai-based life and property-casualty insurer
Best for: Insurance in China
China Pacific Insurance (Group) operates Life and Health Insurance and Property and Casualty Insurance segments. Fortune records 2025 revenue of US$60.5bn, up 7.8%, and profit of US$7,444m.
- Revenue (FY2025)
- US$60.5bn
- Revenue change
- 7.8%
- Profit (FY2025)
- US$7,444m
- Total assets
- US$449.7bn
- Employees
- 91,639
- Headquarters
- Shanghai, China
- Fortune industry
- Insurance: Life, Health (stock)
- Fortune Global 500 2026 rank
- 248
Strengths
- Profit of US$7,444m
- Both life and non-life operations
Limitations
- Concentrated in China
- Revenue converted from renminbi
22
C
Zurich-domiciled commercial and personal property-casualty insurer
Best for: Commercial property and casualty insurance
Chubb provides commercial and personal property and casualty insurance, accident and health cover, reinsurance and life insurance, with North American, agricultural and overseas segments. Fortune records 2025 revenue of US$59.4bn, up 6.5%, and profit of US$10,310m, and lists its headquarters as Zurich.
- Revenue (FY2025)
- US$59.4bn
- Revenue change
- 6.5%
- Profit (FY2025)
- US$10,310m
- Total assets
- US$272.3bn
- Employees
- 45,000
- Headquarters
- Zurich, Switzerland
- Fortune industry
- Insurance: Property and Casualty (Stock)
- Fortune Global 500 2026 rank
- 257
Strengths
- Profit of US$10,310m
- Large commercial-lines franchise
Limitations
- Exposed to catastrophe losses
- Smaller revenue base than diversified groups
23
TM
Japan's largest non-life insurance group on Fortune's figures
Best for: Property-casualty insurance in Japan and abroad
Tokio Marine Holdings manages group companies through Domestic Non-Life, Domestic Life, International Insurance and Financial segments. Fortune records 2025 revenue of US$58.9bn, up 6.3%, and profit of US$6,505m, ahead of MS&AD and Sompo, the other two large Japanese non-life groups in the Global 500.
- Revenue (FY2025)
- US$58.9bn
- Revenue change
- 6.3%
- Profit (FY2025)
- US$6,505m
- Total assets
- US$200.9bn
- Employees
- 51,717
- Headquarters
- Tokyo, Japan
- Fortune industry
- Insurance: Property and Casualty (Stock)
- Fortune Global 500 2026 rank
- 261
Strengths
- Largest Japanese non-life group
- International business diversifies revenue
Limitations
- Revenue converted from yen
- Exposed to natural catastrophes in Japan
24
Hanover-based insurance and reinsurance group
Best for: Industrial insurance and reinsurance
Talanx reports Industrial Lines, Retail Germany, Retail International and property-casualty and life-health reinsurance segments. Fortune records 2025 revenue of US$56.6bn, up 13.3%, and profit of US$2,797m. It is the third German insurer in the top 25 after Allianz and Munich Re.
- Revenue (FY2025)
- US$56.6bn
- Revenue change
- 13.3%
- Profit (FY2025)
- US$2,797m
- Total assets
- US$212.3bn
- Employees
- 29,899
- Headquarters
- Hanover, Germany
- Fortune industry
- Insurance: Property and Casualty (Stock)
- Fortune Global 500 2026 rank
- 269
Strengths
- Revenue growth of 13.3%
- Large reinsurance business
Limitations
- Lower profit than larger German peers
- Revenue converted from euros
25
Beijing-based life insurer classed by Fortune as a mutual
Best for: Life insurance and retirement services in China
Taikang Insurance Group is headquartered in Beijing and is classified by Fortune as a life and health mutual. Fortune records 2025 revenue of US$51.9bn, up 14.2%, and profit of US$1,017m. It is the 25th-largest insurer in the ranking and the fifth from mainland China.
- Revenue (FY2025)
- US$51.9bn
- Revenue change
- 14.2%
- Profit (FY2025)
- US$1,017m
- Total assets
- US$335.9bn
- Employees
- 44,484
- Headquarters
- Beijing, China
- Fortune industry
- Insurance: Life, Health (Mutual)
- Fortune Global 500 2026 rank
- 297
Strengths
- Revenue growth of 14.2%
- Assets of US$335.9bn
Limitations
- Concentrated in China
- Low profit relative to revenue
Frequently asked questions
What is the largest insurance company in the world?
By revenue, Berkshire Hathaway is the largest company that Fortune classifies as an insurer, with US$371.4bn in fiscal 2025, but its total includes railway, energy and other businesses. Among companies whose revenue comes mainly from insurance, China Life Insurance is the largest, with US$178.2bn, followed by Ping An Insurance with US$158.6bn.
What is the largest insurance company in Europe?
Allianz, headquartered in Munich, is the largest European insurer by revenue, with US$134.0bn in fiscal 2025 according to the Fortune Global 500 2026. AXA of Paris follows with US$107.7bn. Munich Re, Zurich Insurance Group, Generali and Talanx are the other European companies in the top 25.
What is the largest insurance company in the United States?
Berkshire Hathaway is the largest US company classified as an insurer, but its revenue includes non-insurance subsidiaries. State Farm, a policyholder-owned mutual, is the largest US company that is primarily an insurer, with revenue of US$132.3bn in 2025. If health insurers are counted, UnitedHealth Group is larger, at US$447.6bn.
Is UnitedHealth an insurance company?
UnitedHealth Group runs one of the largest US health insurance businesses, but Fortune classifies it under health care: insurance and managed care rather than in its insurance categories, so it is not ranked here. With US$447.6bn of revenue it would top this list if included.
What is the difference between a mutual and a stock insurer?
A stock insurer is owned by shareholders and may be publicly listed, while a mutual insurer is owned by its policyholders. In this list State Farm, Nippon Life, New York Life, Nationwide and Taikang are classed by Fortune as mutuals. Their profits are reported on statutory accounting, so Fortune notes they are not comparable with stock companies' profits.
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