China’s Ping An Insurance is the most expensive brand among the world’s insurance companies for the ninth consecutive year, according to an annual study by consultancy Brand Finance.
Its value remained virtually unchanged over the year ($33.6 billion), while the brand value of German insurer Allianz increased by 9% (to $26.75 billion), allowing it to slightly close the gap.
Third place goes to France’s AXA ($19.83 billion, up 20%), which pushed China Life Insurance ($18.32 billion, up 5%) into fourth place. Rounding out the top five is Italy’s Generali ($16.98 billion, up 47%).
There are four U.S. brands in the top 10: Allstate Corp – $15.95 billion, GEICO – $15 billion, MetLife Inc. – $14.59 billion and Progressive Corp. – $14.24 billion. Between them, China’s PICC ($15 billion) ranks eighth.
The fastest growing brand was Japan’s Nissay/Nippon Life Insurance, whose value almost doubled (+94%) and reached $9.2 bln. This was due to the company’s expansion outside the local market, including through the purchase of a 20% stake in the U.S. company Corebridge Financial.
The total value of the top 100 insurance brands for 2024 grew 9%, according to the report. Meanwhile, U.S. brands rose in value by 12%, with the result that they now account for a quarter of the total value.
