The insurance industry is home to thousands of companies offering a range of products and services. Some specialize in specific types of insurance, such as health, property, or life insurance, while others provide multiple coverage options. The largest insurance companies typically offer a comprehensive portfolio, including health, property, casualty, and business insurance. Additionally, some have expanded into healthcare and financial services.
This list focuses on publicly traded insurance companies in the U.S. and Canada, including those available through American Depositary Receipts (ADRs). Figures are based on data sourced from Google Finance as of February 18, 2024.
Top 10 Insurance Companies by Revenue (TTM)
1. UnitedHealth Group (UNH)
- Revenue (TTM): $94.4 billion
- Net Income (TTM): $5.5 billion
- Market Cap: $482.4 billion
- 1-Year Total Return: 4.5%
- Exchange: NYSE
UnitedHealth Group combines UnitedHealthcare, its insurance division, and Optum, its health services segment. With around 400,000 employees, the company serves approximately 152 million customers and collaborates with 6,400 hospitals and facilities.
2. Berkshire Hathaway Inc. (BRK.B)
- Revenue (TTM): $93.2 billion
- Net Income (TTM): -$12.8 billion
- Market Cap: $879.4 billion
- 1-Year Total Return: 31.7%
- Exchange: NYSE
Berkshire Hathaway, owned by legendary investor Warren Buffett, is a multinational conglomerate with several insurance subsidiaries, including Geico, General Re, MLMIC Insurance, and National Indemnity.
3. CVS Health Corp (CVS)
- Revenue (TTM): $89.4 billion
- Net Income (TTM): $2.3 billion
- Market Cap: $97.03 billion
- 1-Year Total Return: -12.9%
- Exchange: NYSE
CVS Health owns Aetna, a major health insurance provider. Since acquiring Aetna in 2018, CVS has expanded its role in healthcare, offering insurance, pharmaceuticals, and wellness services across 8,300 locations.
4. The Cigna Group (CI)
- Revenue (TTM): $49.0 billion
- Net Income (TTM): $1.4 billion
- Market Cap: $99.8 billion
- 1-Year Total Return: 13.3%
- Exchange: NYSE
Cigna operates through two main divisions: Evernorth Health Services, which includes pharmacy solutions, and Cigna Healthcare, which provides insurance plans for individuals and government entities.
5. Elevance Health Inc. (ELV)
- Revenue (TTM): $42.9 billion
- Net Income (TTM): $1.3 billion
- Market Cap: $120.5 billion
- 1-Year Total Return: 3.6%
- Exchange: NYSE
Elevance Health offers insurance for individuals, groups, Medicaid, and Medicare. It manages the Federal Employees Health Benefits Program and operates multiple business segments, including CarelonRx, its pharmacy benefits division.
6. Centene (CNC)
- Revenue (TTM): $35.2 billion
- Net Income (TTM): $469.0 million
- Market Cap: $42.1 billion
- 1-Year Total Return: 7.3%
- Exchange: NYSE
Centene specializes in government-sponsored insurance programs, including Medicare and Medicaid, and provides behavioral health services, pharmacy solutions, and clinical healthcare support.
7. Ping An Insurance (PNGAY)
- Revenue (TTM): $28.8 billion
- Net Income (TTM): $2.3 billion
- Market Cap: $99.8 billion
- 1-Year Total Return: -97.1%
- Exchange: OTC
Ping An Insurance, a China-based insurer, offers a diverse range of financial services, including property, health, auto, and casualty insurance. The company has also made significant investments in technology.
8. Allianz (ALIZY)
- Revenue (TTM): $26.5 billion
- Net Income (TTM): $2.2 billion
- Market Cap: $103.9 billion
- 1-Year Total Return: 14.4%
- Exchange: OTC
Allianz is a German-based insurance and asset management giant serving 122 million clients in over 70 countries. It manages approximately €1.7 trillion in assets and offers various insurance products, including property, life, and health coverage.
9. Humana Inc. (HUM)
- Revenue (TTM): $26.4 billion
- Net Income (TTM): $832.0 million
- Market Cap: $44.9 billion
- 1-Year Total Return: -28.1%
- Exchange: NYSE
Humana provides health insurance primarily for Medicare and Medicaid recipients. It operates through two key segments: Insurance, offering medical, dental, and vision coverage, and CenterWell, which provides pharmacy and home care services.
10. Axa SA (AXAHY)
- Revenue (TTM): $22.5 billion
- Net Income (TTM): $2.1 billion
- Market Cap: $70.0 billion
- 1-Year Total Return: 9.8%
- Exchange: OTC
Axa SA, headquartered in France, is a global insurance and asset management provider. The company specializes in property, casualty, health, and life insurance and manages approximately €932 billion in assets.
Conclusion
The largest insurance companies play a crucial role in the financial sector, offering coverage and services that support individuals, businesses, and government programs. While some focus on traditional insurance products, others have expanded into healthcare and financial services, adapting to the evolving needs of consumers worldwide.
Before investing in any insurance stock, it’s essential to consider factors such as financial stability, market trends, and potential risks. As the industry continues to evolve, these companies will likely remain at the forefront of innovation and growth.
