There are a large number of insurance companies providing products and services in the insurance sector. Most of them are known for their specific features , while others offer multiple types. The biggest companies generally offer all types of insurance, such as life, property and casualty, health, and business insurance. Some have extended their services to include health care and financial services.
This is the list of companies that are publicly traded in the U.S. or Canada, directly or via ADRs. Some foreign companies may report half-yearly, so they may have longer lag times. These figures were current as of February 2024 and were sourced from Google Finance.
Following are the 10 biggest insurance companies by 12-month trailing revenue (TTM).
1. United Health Group (UNH)
Revenue (TTM): $94.4 billion
Net Income (TTM): $5.5 billion
Market Cap: $482.4 Billion
1-Year Trailing Total Return: 4.5%
Exchange: New York Stock Exchange
United Health Group is a combination of United Health Care, its insurance business, and Optum, its health services business. United employs approximately 400,000 people, offers insurance and services to about 152 million customers, and has 6,400 hospitals, medical facilities, and other 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 Trailing Total Return: 31.7%
Exchange: New York Stock Exchange
Berkshire Hathaway is a benchmark holding company that owns a large number of subsidiaries, a specific portion of which are insurance companies. It is one of the biggest companies in the world by market capitalization and is ruled by famed investor Warren Buffet. These are the insurance subsidiaries such as Geico, General Re, MLMIC Insurance, United States Liability 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 Trailing Total Return: -12.9%
Exchange: New York Stock Exchange
While CVS is well known for its medical supplies and pharmacies, it also owns Aetna, an insurance provider. It attained Aetna in 2018 in its attempts to “transform the customer health experience and create healthier communities.” For many years, CVS has developed itself into an all-inclusive healthcare solutions provider, able to offer insurance, pharmaceuticals, and health and wellness products and services. The company has a strength of 300,000 people in 8,300 locations and will provide over 5.5 million MinuteClinics and HealthHubs in 2022.
4. The Cigna Group (CI)
Revenue (TTM): $49.0 billion
Net Income (TTM): $1.4 Billion
Market Cap: $99.8 Billion
1-Year Trailing Total Return: 13.3%
Exchange: New York Stock Exchange
The Cigna Group considers itself a global healthcare benefit provider. It is made up of two operational segments: Evernorth Health Services and Cigna Healthcare. Evernorth is the major organisation for several pharmaceutical and pharmacy solutions, such as Express Scripts, Inside Rx, and ScreenRx. Cigna Healthcare is referred to as the group’s insurance division, which provides health insurance for the group, the U.S. government, and consumers.
5. Elevance Health Inc. (ELV)
Revenue (TTM): $42.9 billion
Net Income (TTM): $1.3 billion
Market Cap: $120.5 Billion
1-Year Trailing Total Return: 3.6%
Exchange: New York Stock Exchange
Elevance Health is a health insurance provider that provides services to about 47 million consumers. The company provides plans for individuals and groups, Medicaid, and Medicare. It is also the U.S. federal government’s health advantage manager and administers the Federal Employees Health Benefits Programme.
Elevance consists of 3 functional segments: the Commercial & Specialty Business segment, the Government Business segment, and the CarelonRx segment, which takes care of pharmacy benefits.
6. Centene (CNC)
Revenue (TTM): $35.2 billion
Net Income (TTM): $469.0 million
Market Cap: $42.1 Billion
1-Year Trailing Total Return: 7.3%
Exchange: New York Stock Exchange
Centene is the biggest insurance provider for the federal government and is the leading Medicare insurer in the U.S.
Through special service providers, Centene provides behavioural health services, clinical healthcare, data analytics, pharmacy solutions, vision and dental services, and Medicaid in various states and regions.
7. Ping An Insurance (PNGAY)
Revenue (TTM): $28.8 billion
Net Income (TTM): $2.3 billion
Market Cap: $99.8 Billion
1-Year Trailing Total Return: -97.1%
Exchange: OTC
Ping An Insurance is a China-based insurance company that provides life and non-life insurance products. Its non-life insurance products are health, auto, casualty, property insurance, and banking. It also provides investment management services and invests heavily in technology development.
8. Allianz (ALIZY)
Revenue (TTM): $26.5 billion
Net Income (TTM): $2.2 Billion
Market Cap: $103.9 Billion
1-Year Trailing Total Return: 14.4%
Exchange: OTC
Allianz is an international insurance and service management provider. Its headquarters are in Germany. It provides services to more than 122 million people in over 70 countries. It offers property, life, and health insurance and manages about €1.7 trillion in assets for its customers.
9. Humana Inc. (HUM)
Revenue (TTM): $26.4 billion
Net Income (TTM): $832.0 million
Market Cap: $44.9Billion
1-Year Trailing Total Return: -28.1%
Exchange: New York Stock Exchange
Humana is a U.S.-based health insurance provider. It offers plans for Medicare, Medicaid, military personnel, and customers. Humana carries two operating segments, i.e., insurance and CenterWell. The Insurance segment offers medical, dental, and vision insurance as well as administrative services. The CenterWell segment gives pharmacy, primary care, and home solutions.
10. Axa Sa (AXAHY)
Revenue (TTM): $22.5 billion
Net Income (TTM): $2.1 billion
Market Cap: $70.0 Billion
1-Year Trailing Total Return: 9.8%
Exchange: OTC
Axa Sa is an international insurance and financial services company that provides property and casualty, health, and life insurance products and manages about €932 billion in assets. Its headquarters are in and functional out of France, Europe, and Asia.