Largest Insurance Firms Ranked in Descending Order
Big bucks and big business rule the insurance game, with the top companies insuring everything from your car to your health. Here's a lowdown on the 10 largest insurance firms worldwide by annual revenue, as of 2025. These giants are publicly traded in the U.S., so you can invest in their stocks if you fancy taking a gamble.
1. United Health Group (UNH)
Revenue: $410.06 billionNet Income: $22.11 billionMarket Cap: $272.76 billion1-Year Trailing Total Return: -35.93%Exchange: New York Stock Exchange
Formerly United Healthcare, this behemoth was established in 1977 and rebranded in 1998. Based in Minneapolis, MN, United Health Group operates through two businesses: Optum and United Healthcare. It splits into four reporting segments: Optum Health, Optum Insight, Optum Rx, and United Healthcare.
2. Berkshire Hathaway (BRK.B)
Revenue: $415.78 billionNet Income: $80.90 billionMarket Cap: $1.05 trillion1-Year Trailing Total Return: 19.08%Exchange: New York Stock Exchange
Ushered in by the legendary Warren Buffet, this multinational conglomerate dabbles in a variety of sectors, including insurance, energy, and transportation. Berkshire offers primary insurance and reinsurance for property and casualty risks via GEICO, Berkshire Hathaway Primary Group, and Berkshire Hathaway Reinsurance Group.
3. CVS Health Corp Group (CVS)
Revenue: $378.96 billionNet Income: $5.28 billionMarket Cap: $84.52 billion1-Year Trailing Total Return: 13.20%Exchange: New York Stock Exchange
Initially known for its retail pharmacies and health stores, CVS now ranks among the largest health insurance companies in the U.S. It offers medical benefit plans, pharmacy services, and manages thousands of pharmacies across various sectors.
4. The Cigna Group (CI)
Revenue: $254.47 billionNet Income: $5.03 billionMarket Cap: $84.68 billion1-Year Trailing Total Return: -5.06%Exchange: New York Stock Exchange
Based in Bloomfield, CT, Cigna operates in two segments: Evernorth Health Services and Cigna Healthcare. Evernorth provides services for insurance, health plans, governments, employers, and providers, while Cigna Healthcare offers medical and healthcare solutions for individuals, employers, and government programs.
5. Centene Corp (CNC)
Revenue: $169.28 billionNet Income: $3.45 billionMarket Cap: $26.57 billion1-Year Trailing Total Return: -21.39%Exchange: New York Stock Exchange
Centene is an insurance company mainly dedicated to government programs, with three of its four segments catering to Medicaid, Medicare, and Commercial programs. It also offers pharmacies, vision and dental services, and other clinical services.
6. Allianz SE (ALIZY)
Revenue: $120.77 billionNet Income: $9.74 billionMarket Cap: $150.63 billion1-Year Trailing Total Return: 46.94%Exchange: OTC Markets
Founded in 1890, Allianz is a German financial services company offering insurance, asset management, and investment advice. It operates across the globe, providing property and casualty policies, life insurance, and health insurance.
7. Ping An Insurance (Group) Co of China Ltd. (PNGAY)
Revenue: $729.05 billionNet Income: $116.91 billionMarket Cap: $111.17 billion1-Year Trailing Total Return: 37.70%Exchange: OTC Markets
Ping An is a Chinese insurance and financial services provider trading on both the Stock Exchange of Hong Kong and Shanghai Stock Exchange. It operates in five main segments: Life and Health, Property & Casualty, Banking, Asset Management, and Finance Enablement.
8. Humana Inc (HUM)
Revenue: $120.26 billionNet Income: $1.71 billionMarket Cap: $28.17 billion1-Year Trailing Total Return: -32.99%Exchange: New York Stock Exchange
Humana is a U.S.-based health insurance company with over 65,500 employees. Its primary segments are Insurance and CenterWell, with the former handling Medicare, military, state-based, group, and individual programs, and the latter dedicated to pharmacy, older adult primary care, and home solutions.
9. AXA SA (AXAHY)
Revenue: $89.82 billionNet Income: $7.69 billionMarket Cap: $105.85 billion1-Year Trailing Total Return: 56.28%Exchange: OTC Markets
AXA is a French insurance giant with more than 100,000 employees. Originally formed from the merger of several insurance companies in the '90s, AXA is active in property & casualty, life, savings, and asset management across six main business segments: France, Europe, Asia, Africa & EME-LATAM, AXA Investment Managers, and Transversal & Other.
10. Muenchener Rueckver GES (MURGY)
Revenue: $49.09 billionNet Income: $4.64 billionMarket Cap: $83.77 billion1-Year Trailing Total Return: 32.93%Exchange: OTC Markets
Munich Re is a German insurance and reinsurance company, with regional offices across the globe. It divides its operations into two main fields and five segments: ERGO and Reinsurance.
Despite the risks in the insurance sector, these ten companies continue to dominate the market, thanks to their robust offerings and strong financials. However, investing in insurance stocks always involves a degree of risk, so proceed at your own peril.
- In the realm of finance, these insurance giants are not only dominant in the market cap rankings but are also active in the digital finance era, entertaining the possibility of integration with DeFi platforms to facilitate smoother trading processes for their tokenized insurance products.
- The insurance industry, with its colossal market caps, has caught the attention of investors from various sectors, including the traditional stock market and cryptocurrency trading. These giants, like United Health Group (UNH) and Berkshire Hathaway (BRK.B), are appealing to investors owing to their strong financials and strategic business model.
- With the growing demand for comprehensive insurance coverage and the rise of connected devices, the insurance market cap is poised to expand significantly. CVS Health Corp Group (CVS) and other key players are striking partnerships with FinTech startups to develop innovative solutions for problems such as fraud detection, thus ensuring continuous growth and evolution within the industry.
