The 500 largest mutual and cooperative insurance companies* in the world, in terms of premium income, have once again been ranked by the International Cooperative and Mutual Insurance Federation (ICMIF) in the latest edition of its Global 500 report.
ICMIF members represented a record 81 organisations in the list of Global 500 companies this year, compared to 78 last year, 73 the year before, and 66 in 2019.
Global 500 companies collectively wrote USD 1,354 billion in insurance premiums in 2022, which represents a slight (0.1%) contraction from USD 1,355 billion written by the same 500 companies in 2021.
In terms of life/non-life business, there was significantly stronger growth in non-life premiums amongst Global 500 companies, increasing by 2.7% to USD 694 billion in 2022 (2021: USD 676 billion) whilst, conversely, life business of Global 500 companies contracted by 2.8% in 2022, falling to USD 660 billion (2021: USD 679 billion).
In this year’s Global 500, US mutual insurer State Farm was once again ranked as the largest mutual/cooperative insurer in the world by a significant margin. Japanese cooperative insurer Zenkyoren was ranked as the largest ICMIF member (and seventh overall) in the Global 500 rankings.
The 2024 Global 500 ranking includes 81 ICMIF member organisations from 30 different countries. As well as Zenkyoren, Achmea (Netherlands), R+V Versicherung (Germany), Aéma Groupe (France), Unipol (Italy), and Royal London (UK) were all ranked among the largest 30 mutual/cooperative insurers worldwide. Thirty ICMIF members reported premium levels of over USD 1 billion.
ICMIF member organisations Río Uruguay Seguros (Argentina) and PUBMI (China) AFA Insurance (Sweden), Harford Mutual (USA), and La Equidad Seguros (Colombia) were amongst the twenty greatest climbers in this year’s Global 500 rankings.
This report follows the publication of ICMIF’s latest Global Mutual Market Share report in April, which provides a detailed analysis on the size and financial performance of the global mutual and cooperative insurance sector.
* Hereafter referred to as the Global 500 companies. Also includes organisations whose legal status may not be classified as “mutual” or “cooperative” in their national law, but whose structure and values reflect the mutual/cooperative form, such as fraternal benefit societies, friendly societies, Takaful providers, reciprocals, non-profits, exchanges, protection and indemnity (P&I) clubs, and limited companies owned by people-based organisations, community organisations and foundations.
