MUMBAI: The Life Insurance Corporation of India has moved up in the rankings of insurers in terms of non-bank assets. Despite the depreciation of the rupee, the corporation, previously at number 13 in the global list compiled by rating agency AM Best, is now at the 12th position.
In terms of net premiums written, LIC maintains its position at number 16. According to AM Best rankings released on Monday, LIC's net premiums rose by 10.9% to $57.7 billion, while non-banking assets increased by 7.6% to $554 million.
The top five companies in terms of non-banking assets are Allianz SE ($1 billion), Ping An ($960 million), Berkshire Hathaway ($948 million), China Life ($885 million), and Axa ($713 million).
The top five in net premiums written are UnitedHealth Group ($257 billion), Centene Corp ($136 billion), Elevance Health ($133 billion), Kaiser Foundation Group of Health Plans ($108 billion), and Ping An ($108 billion).
The top 10 insurers by NPW were again dominated by health insurers, as four of the top five insurers were U.S.-based health companies.
Despite some reshuffling at the top of AM Best's annual ranking of the top 25 insurers by net non-banking assets, life insurers still dominate, with seven of the top 10 insurers providing life products. Ping An Insurance (Group) Company of China Ltd. surged to second place behind Allianz SE from fourth place as its assets rose by 11.4% to $960.7 billion in 2022.
Last month, the rating agency Standard & Poor's released its own list of global insurers based on reserves, placing LIC at the fourth position globally with $503 billion in reserves, ahead of US-based MetLife and Prudential Financial.
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