
Jan
06
Japan Post Insurance and Axa SA Top A M Best Lists of Major Insurance Companies
Posted on Jan 06, 2011 by Sergio Ulloa (G+)
The Japan Post Insurance Company and AXA SA are identified as the world's leading insurers in the latest report issued by renowned credit rating agency A.M. Best. The Japanese and French insurers emerged as the biggest insurance companies in a list registering the top 25 worldwide insurers measured by asset values and net premiums written. The Tokyo-based Japan Post Insurance Company was reported holding assets totaling US$1.1 trillion in 2009, making it the largest insurer by asset value, although it was only ranked fourth in terms of net premiums written at US$81 billion. The French insurer AXA SA took top spot for net premiums written. The ranking by assets was dominated by life insurance companies, with non-life insurers dominating the net premium written table. The latest A.M. Best report is based on insurers' financial results for the year ending 2009, reflecting differences in each country's regulatory and reporting requirements. The rankings take into account currency values for consistency purposes. The total value of the 25 insurers ranked by assets amounted to US$25 trillion, while the value of the 25 insurers ranked by net premiums written totaled US$1.3 trillion at the end of 2009. The Japan Post Insurance Company is government-owned although its parent company - the Japan Post Holdings Company - was slated to be privatized, but proposals were subsequently scrapped when a new Japanese government - The Democratic Party of Japan (DPJ) - took office in August 2010. The company specializes in the provision of life insurance products and services sold through post offices and directory managed stores. Within the list of the 25 largest insurance companies there were 13 European-based insurers ranked by asset values, while North America and Asia were each represented by 6 insurers in this category. In terms of the specific countries in which these companies were based; Japan had 6, the United States 5, the UK 4 and France 3, with the residual 7 companies based in the Netherlands, Germany, Italy, Switzerland and Canada. In the ranking of companies by net premiums written there were 9 European and 9 North American based insurers, with 7 Asian based insurers - including 5 in Japan - making up the 25 largest insurance companies globally. A.M Best recognized that rankings could have changed since 2009, with the subsequent completion of mergers and acquisitions between insurers and some restructuring of operations. Most notably, the positioning of AIG - ranked third by asset value with US$847.6 billion and sixth by written premiums totaling US$62.2 billion in 2009 - will change as it seeks to sell-off companies such as AIG Edision Life Insurance and AIG Star Life Insurance in Japan as well as Nan Shan in Taiwan as part of its divestment strategy - having already sold Alico to American insurance rival Metlife. While AXA is set to expand its global reach after bidding for AXA Asia Pacific Holdings Ltd in late 2010 to increase the French insurer's exposure in the region. The net premium written rankings includes China Life and the Life Insurance Corporation of China and India in the list representing two of the largest insurers from the two most populated countries in the world; both countries having fast growing economies. Asia, especially China and India, have emerged in recent years as significant growth markets for global insurers with home domiciles in Europe and North America. Insurers such as AXA, Aviva, Prudential, Aegon, Zurich, Allianz and Generali have all highlighted the Asian region for expansion of operations, particularly for life and health insurance products, often forming joint ventures with locally based insurers. In traditional, more established markets, insurers will be seeking to optimize opportunities for changes in the provision of healthcare services, particularly in the United Kingdom and the USA, and to redress shortfalls which have occurred in the pension industry. A.M Best: World's Largest Insurers Largest Insurers Ranked by Assets (2009) 1. Japan Post Insurance Co. Ltd. (Japan) 2. Axa S.A. (France) 3. American International Group Inc. (United States) 4. Allianz SE (Germany) 5. Assicurazioni Generali SpA (Italy) 6. Aviva plc (United Kingdom) 7. MetLife Inc. (United States) 8. Prudential Financial Inc. (United States) 9. Legal & General Group plc (United Kingdom) 10. Nippon Life Insurance Co. (Japan) 11. National Mut Ins Fed Agricultural Coop (Japan) 12. CNP Assurances (France) 13. Aegon NV (Netherlands) 14. Manulife Financial Corp. (Canada) 15. ING Groep NV (Netherlands) 16. Zurich Financial Services Ltd. (Switzerland) 17. Prudential plc (United Kingdom) 18. Munich Reinsurance Co. (Germany) 19. Dai-ichi Life Insurance Co. (Japan) 20. Hartford Financial Services Group Inc. (United States) 21. Predica-Prevoyance Dialogue du Credit (France) 22. Berkshire Hathaway Inc. (United States) 23. Meiji Yasuda Life Insurance Co. (Japan) 24. Standard Life Plc (United Kingdom) 25. Sumitomo Life Insurance Co. (Japan) Largest Insurers Ranked by Net Written Premiums (2009) 1. Axa S.A. (France) 2. Assicurazioni Generali SpA (Italy) 3. Allianz SE (Germany) 4. Japan Post Insurance Co. Ltd. (Japan) 5. UnitedHealth Group (United States) 6. American International Group Inc. (United States) 7. National Mutual Insurance Federation of Agricultural Cooperatives (Japan) 8. Munich Reinsurance Co. (Germany) 9. WellPoint Inc. (United States) 10. State Farm Group (United States) 11. Nippon Life Insurance Co. (Japan) 12. Aviva plc (United Kingdom) 13. Zurich Financial Services Ltd. (Switzerland) 14. Kaiser Foundation Group of Health Plans (United States) 15. CNP Assurances (France) 16. China Life Insurance (Group) Co. (China) 17. ING Groep NV (Netherlands) 18. Dai-ichi Life Insurance Co. (Japan) 19. Prudential plc (United Kingdom) 20. Life Insurance Corporation of India (India) 21. Aetna Inc. (United States) 22. Humana Inc. (United States) 23. Tokio Marine Holdings Inc. (Japan) 24. Allstate Corp. (United States) 25. Berkshire Hathaway Inc. (United States) Insurance Companies Mentioned Japan Post Insurance







