The world’s most valuable insurance brand revealed
The world’s most valuable insurance brand revealed | Insurance Business America
Insurance News
The world’s most valuable insurance brand revealed
Brand values of the most valuable insurance companies show a mixed bag of results. Find out how the top insurers fare amid the current economic climate
Insurance News
By
Mark Rosanes
Despite experiencing a dip in brand value, the world’s five most valuable insurance brands retain their places on Brand Finance’s latest Insurance 100 rankings. The brand valuation consultancy’s annual report lists the world’s most valuable insurance companies based on “the value of earnings specifically related to brand reputation.”
In this article, Insurance Business delves deeper into the insurance brands that made it to the latest rankings’ top 10. If you want to know how the recent economic climate has impacted the performance of the industry’s biggest brands, then this piece can give you an idea. Read on and learn more about the most valuable insurance companies in terms of brand reputation.
The table below lists the 10 most valuable insurance brands based on the latest edition of Brand Finance’s Insurance 100 report.
Top 10 most valuable insurance companies based on brand value
Rank
Insurer
Headquarters
Brand value
Previous ranking
1
Ping An
China
$32.2 billion
1
2
Allianz
Germany
$21.0 billion
2
3
China Life
China
$17.1 billion
3
4
AXA
France
$15.9 billion
4
5
CPIC
China
$15.2 billion
5
6
AIA
Hong Kong
$15.0 billion
7
7
GEICO
United States
$14.1 billion
6
8
Progressive
United States
$11.8 billion
8
9
PICC
China
$11.7 billion
13
10
Chubb
United States
$11.6 billion
11
The brand valuation consultancy’s latest rankings show that half of the top 10 list comprises China-based insurance companies, including one from Hong Kong. Three of these firms have secured their places in the top five. The US has three representatives while Germany and France have one each. Let’s dig deeper into the numbers.
1. Ping An
Current brand value: $32.2 billion
Previous brand value: $42.9 billion
Percentage change: -25%
Ping An retains the title of the world’s most valuable insurance brand, despite a 25% drop in brand value. The company has secured the top spot for the seventh straight year.
According to the report, Ping An has faced challenging operating conditions in the past two years as China’s economic growth has taken a hit, primarily due to the pandemic. The situation has resulted in reduced household consumption, adversely affecting Ping An’s premiums.
Ping An is China’s largest general insurer, serving more than 220 million clients and 611 million online users worldwide. The Shenzhen-headquartered firm has a robust life and health, and property and casualty insurance portfolio. It also invests heavily in technology to help streamline its services.
2. Allianz
Current brand value: $21.0 billion
Previous brand value: $23.1 billion
Percentage change: -9%
German insurance brand Allianz has been consistently in the top three on the list of most valuable insurance companies, placing second in the past two years. After seeing a 14% rise in 2022, the firm’s brand value went down by 9% this year.
The Munich-based insurance giant offers property and casualty, life and health, credit, and commercial insurance through its several brands and subsidiaries. These include:
Allianz Global Corporate & Specialty (AGCS): A global insurer specializing in business insurance and large corporate and specialty risks.
Euler Hermes: A credit insurance company providing clients with bonding, guarantees, and collections services for managing business-to-business (B2B) trade receivables.
Allianz also offers asset management services. It has a global reach spanning more than 70 countries and caters to over 126 million customers.
3. China Life
Current brand value: $17.1 billion
Previous brand value: $22.9 billion
Percentage change: -25%
China Life suffered a huge dip in brand value, with the pandemic hampering Chinese insurance companies’ ability to conduct offline transactions. The situation has led to a significant decline in premium revenue for many insurers operating in the country.
The Beijing-based firm is among the largest providers of accident, health, and life insurance in China. It also offers annuity services. The company’s operations are backed by 746,000 individual agents, 41,000 direct sales representatives, and 23,000 account managers in the bancassurance channel.
China Life has around 317 million annuity contracts and long-term life and health insurance policies in force.
4. AXA
Current brand value: $15.9 billion
Previous brand value: $17.2 billion
Percentage change: -8%
Even with its brand value decreasing, French insurance brand AXA retains the fourth spot on the list. The company has been consistently in the upper half of the rankings, reaching its highest position at second in 2015 and 2016.
The Paris-headquartered global insurance and asset management services provider serves around 93 million customers in more than 50 countries and territories. A network of 145,000 employees and distributors support the company’s operations.
AXA operates four divisions:
Asset management and banking
Health
Life and savings
Property and casualty
The insurance giant has offices in North America, Western Europe, the Middle East, and the Asia-Pacific region.
5. CPIC
Current brand value: $15.2 billion
Previous brand value: $15.8 billion
Percentage change: -4%
China Pacific Insurance (Group) Co. Ltd, also known as CPIC, experienced a slight dip in brand value, but has remained in the upper half of this year’s list of the most valuable insurance companies. Just like most Chinese brands in the rankings, CPIC’s decline is primarily caused by the COVID-19 outbreak.
The Shanghai-based firm is one of China’s largest insurance holding companies. It operates three businesses: property and casualty insurance, life insurance, and asset management and investments. The company’s insurance products are distributed through its network of domestic and foreign subsidiaries. A 107,000-strong workforce is part of its operations.
CPIC is the first insurance group to be listed simultaneously on the Shanghai, London, and Hong Kong Stock Exchanges.
6. AIA
Current brand value: $15.0 billion
Previous brand value: $13.0 billion
Percentage change: 16%
AIA registered one of the highest increases in brand value on the list, climbing a notch in the rankings. The Hong Kong-domiciled insurance giant reached its highest position at fourth place in 2017 and 2019.
AIA is the largest pan-Asian life insurance group, providing financial services and insurance products in 18 markets across the Asia-Pacific region. Its insurance portfolio includes life, health, accident protection, medical, and retirement insurance.
The company also offers employee benefits and pension services to businesses. These policies cover employees’ health, income protection, and retirement needs.
7. GEICO
Current brand value: $14.1 billion
Previous brand value: $13.1 billion
Percentage change: 8%
GEICO’s 8% rise in brand value wasn’t enough to keep it in sixth place, slipping a notch from last year. Still, the Berkshire Hathaway subsidiary is the most valuable insurance company in America when it comes to brand reputation.
GEICO is among the top names in the country when it comes to auto coverage, ranking among the largest car insurance companies in the US. The Maryland-headquartered insurer is also one of the nation’s most popular car insurance brands, thanks to its robust offerings and above-industry-average customer satisfaction ratings.
Another factor that has contributed to its brand value is, of course, Gecko. GEICO’s adorable mascot continues to be among the most recognizable aspects of the insurer’s commercials.
For a short overview on how brand value influences purchasing decisions, watch this video:
8. Progressive
Current brand value: $11.8 billion
Previous brand value: $11.2 billion
Percentage change: 6%
Progressive retains the number eight spot in the most valuable insurance brand rankings, with its brand value rising 6% from last year. The Ohio-based insurer is also the largest insurance company in the US based on market cap for the non-life segment.
The company offers a range of personal and commercial policies, as well as financial services. Its insurance products can be accessed directly or through its nationwide network of 38,000 independent agents.
Progressive also has one of the most popular insurance mascots in its arsenal, helping the brand achieve a wider reach. Played by actress and comedian Stephanie Courtney, the energetic and friendly Flo has appeared in more than 100 of the company’s commercials. The character is equally popular on social media, boasting a huge Twitter following and more than five million Facebook likes.
9. PICC
Current brand value: $11.7 billion
Previous brand value: $9.6 billion
Percentage change: 22%
The People’s Insurance Company (Group) of China, more popularly known as PICC, barges into the top 10, registering the sharpest rise in brand value. The company is the only exception to the struggling Chinese brands in the rankings.
According to Brand Finance’s report, PICC has been able to maintain its market dominance because of its government background and substantial underwriting capacity. This gave the firm a strong competitive advantage in conducting businesses with large corporations and state-owned enterprises.
The Beijing-based insurance group owns more than 10 subsidiaries, including its property and casualty, and life and health insurance businesses. It has partnerships with over 10,000 institutions spanning urban and rural locations across China.
10. Chubb
Current brand value: $11.6 billion
Previous brand value: $10.8 billion
Percentage change: 8%
Chubb climbed one notch to claim the last spot on this year’s list of the most valuable insurance companies by brand. The global insurer’s portfolio spans a variety of insurance products, from commercial policies to personal lines coverage. The New Jersey-based company operates in more than 50 countries and territories and employs over 31,000 staff globally.
Chubb relies on a network of retail and wholesale brokers, independent and captive agents, as well as banks, direct marketing, and other channels to distribute its products. It also provides a range of tools, training, and resources to its partner brokerages to help them succeed in their jobs.
Methodology for ranking the world’s most valuable insurance companies
Brand Finance defines brand value as “the present value of earnings specifically related to brand reputation,” adding that companies own and control these earnings by owning trademark rights.
To calculate an insurance company’s brand valuation, the UK-based consultancy firm applies a method it calls “royalty relief.” Through this technique, the firm determines the value a company is willing to pay to license its brand as if it doesn’t own it. The process involves estimating the future revenue attributable to a brand and calculating a royalty rate that will be charged for using the brand.
Apart from the most valuable insurance brands, Brand Finance ranks the world’s fastest-growing insurance brands. It also has a list of the strongest insurance brands, which reflect their financial stability. These companies are listed in the tables below.
Most valuable insurance companies – fastest-growing insurance brands
Most valuable insurance companies – strongest insurance brands
Insurance Business also conducted research on which brands come to mind when Americans shop for a policy. You can find the complete list in our rankings of the top insurance brands in the US.
Have you experienced working with the world’s most valuable insurance companies? How was it? We’d love for you to share your story below.
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