World's largest insurance companies in 2022

 World's largest insurance companies in 2022

Investors looking for some upside during a downturn in the market need look no further than insurance companies. The S&P Insurance Select Industry Index is down just 2% this year, outperforming the 16% drop for the S&P 500. It is thanks to the rising rates that the cash taken by the insurers increases.

A total of 105 insurance companies made up this year's  Global 2000, ranking the world's 2,000 largest public companies based on a composite score for their revenue, profit, assets and market value. Insurers make up 11 of the top 100 on the list, with those giants spread across China, the U.S., Germany, France, Hong Kong and Switzerland.

China's Ping An Group finished as the highest-ranked insurance company on the Global 2000, although it has faced more challenges than many of its US and European counterparts in the past year, slipping 11 places to 17th on the list . Its net profit fell 29% to $15.7 billion in 2021 as it reported a loss of $6.4 billion related to investments in China Fortune Land Development, one of several debt-ridden Chinese property developers that defaulted last year.

According to its annual report, Ping An had invested $32 billion in real estate assets as of the end of 2021, which is 5.5% of its total investment assets.

That risk has contributed to a 50% drop in its stock since early 2021. But Ping An remains a formidable cash cow, with $181 million in revenue in 2021, up 7% year over year, and 227 million retail customers, up from 218 million at the end of 2020. In addition to insurance, the group provides banking, asset management and health services and has $1.6 trillion in total assets.

US Insurance firms have generally maintained a stable or strong footing this year, with UnitedHealth Group ranked 21st on the list. UnitedHealth's $298 billion in 12-month revenue is the seventh-highest of all public companies in the world, ahead of CVS Health and automakers like Toyota and Volkswagen, and its stock has risen 25% since last October. The company agreed to buy home healthcare firm LHC Group for $5.4 billion in March.

CVS is classified as a pharmaceutical retailer rather than an insurance company, although it also owns the larger insurer Aetna and ranks 42nd on the list. Germany's Allianz, France's AXA and China Life Insurance Company are among the top five insurers.

 New York-based MetLife and Connecticut-based health insurer Cigna are also again in the top 100 of the Global 2000, at number 74 and number 84, respectively. American International Group was one of the biggest gainers on the list, rising from 439th the previous year to 90th. 

AIG's revenue grew 19% to $52 billion in 2021, and it reported $9.4 billion in net income attributable to shareholders, compared to a net loss of $6 billion in 2020.

AIG's revenue grew 19% to $52 billion in 2021, and it reported $9.4 billion in shareholders' net income, compared to a net loss of $6 billion in 2020. and March 2020, but its stock has offset those losses over the past two years. Shares of MetLife and Cigna have also risen this year to avoid a broader market carnage.

Other American names on the list would be familiar to anyone who sat through television commercials: Aflac, Allstate, Progressive, and Travelers, to name a few. Allstate and Progressive Trail U.S. Only privately owned state farms hold market share for car insurance and both are ahead of Berkshire Hathaway's Geico.

Listed below are all the insurance companies on this year's Global 2000.

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Created by MOHAMMAD SHOAIB.