Last updated on September 10th, 2022 at 02:33 am
Here is the List of Top 10 Mutual Insurance Companies in the World. Mutual insurance company means it is not publicly traded in stock exchanges and has no shareholders. Instead its policyowners who are customers are the ones who share in ownership rights of the company.
List of Top 10 Mutual Insurance Companies in the world
Here is the List of Top 10 Mutual Insurance Companies in the World sorted out based on the total Revenue (sales).
1. Nippon Life Insurance Company – Largest Mutual Insurance Companies
Nippon Life was founded as Nippon Life Assurance Co., Inc. in July 1889, and in 1891, the name was changed to Nippon Life Assurance Co., Ltd. When the Company was founded, a premium table based on unique Japanese mortality statistics was created.
At the same time, Nippon Life became the first Japanese life insurer to decide to offer profit dividends to policyholders, which embodied the spirit of mutual aid. And so, after its first major closing of books in 1898, Nippon Life paid the first policyholder dividends in Japan.
- Revenue: $74 Billion
- Founded: 1889
- Country: Japan
After World War II, the Company was reborn as Nippon Life Insurance Company in 1947 and continues to work to realize the philosophy of “co-existence,
co-prosperity, and mutualism” as a mutual company. Nippon Life Insurance Company is the largest Mutual Insurance Companies in World by Revenue.
2. New York Life Insurance
New York Life Insurance Company is a mutual insurance company, which means it is not publicly traded and has no shareholders. Instead its policyowners are the ones who share in ownership rights of the company. Largest Mutual Insurance Company in United States.
- Revenue: $44 Billion
- Founded: 175 years Before
- Country: United States
With a mutual company, clients who purchase participating products are entitled to vote in the board of directors elections are eligible to share in annual dividends that are declared. The company’s priority is to safeguard their interest. Policies issued by the company subsidiary companies are not participating and do not share in these rights.
The company is one of America’s largest mutual life insurance companies. New York Life and its subsidiaries provide insurance, investment and retirement solutions. New York Life Insurance is 2nd largest in the list of Top 10 Mutual Insurance Companies in World based on Turnover Sales.
3. TIAA
TIAA started out over 100 years ago to help ensure teachers could retire with dignity. Today, many people who work at not-for-profits rely on wide range of financial products and services to support and strengthen their financial well-being.
- Revenue: $41 Billion
- Founded: 1918
- Country: United States
TIAA is the 3rd Largest Mutual Insurance Companies in the World based on the Turnover. The company is 2nd largest Mutual Insurance Company in USA United states based on Sales.
4. Meiji Yasuda Life Insurance Company
Meiji Yasuda Life Insurance Company was Established on July 9, 1881 in Japan. The company has a total Assets of ¥40,421.8 billion.
- Revenue: $38 Billion
- Founded: 1881
- Country: Japan
The Company 4th in the List of Top 10 Mutual Insurance Companies in World based on the Turnover and 2nd largest Mutual Insurance Company in Japan.
5. Massachusetts Mutual Life Insurance Company
MassMutual was founded on May 15, 1851. The company continue to deliver products and services to help policyowners and customers achieve their financial goals, and protect those who matter most.
- Revenue: $37 Billion
- Founded: 1851
- Country: United States
The Company 5th in the List of Top 10 Mutual Insurance Companies in World based on the Turnover and 3rd largest Mutual Insurance company in United States USA.
6. Northwestern Mutual Life Insurance Company
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company and its subsidiaries. Life and disability insurance, annuities, and life insurance with long-term care benefits are issued by The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM).
Long-term care insurance is issued by Northwestern Long Term Care Insurance Company, Milwaukee, WI, (NLTC) a subsidiary of NM. Investment brokerage services are offered through Northwestern Mutual Investment Services, LLC (NMIS) a subsidiary of NM, broker-dealer, registered investment adviser, and member FINRA and SIPC.
- Revenue: $33 Billion
- Country: United States
Investment advisory and trust services are offered through Northwestern Mutual Wealth Management Company (NMWMC), Milwaukee, WI, a subsidiary of NM and a federal savings bank.
7. Mitsui Sumitomo Insurance Company
Mitsui Sumitomo Insurance Company, Limited was formed in October 2001 through a merger between the former Mitsui Marine & Fire Insurance Co., Ltd. and the former Sumitomo Marine & Fire Insurance Co., Ltd. Mitsui Sumitomo Insurance has been promoting the MSIG brand worldwide, and is now operating in 42 countries and regions.
- Revenue: $32 Billion
- Founded: 350 years ago
- Country: Japan
The original constitutions of “Mitsui” and “Sumitomo” were established respectively more than 350 years ago and still exist in the groups that now have significant influence in both Japan and the world.
The company Responsible for non-life insurance business, which is a core business of the MS&AD Insurance Group, Mitsui Sumitomo Insurance is exercising its comprehensive capabilities to offer insurance and financial services business globally.
8. China Taiping Insurance Holdings Company Limited
China Taiping Insurance Holdings Company Limited, China Taiping for short, was established in Shanghai in 1929. It is the longest-operating national insurance brand in Chinese history and the only state-owned financial enterprise that has its management headquarters overseas.
- Revenue: $32 Billion
- Founded: 1929
- Country: China
China Taiping originated from the three large national brands the Taiping Insurance Company, the China Insurance Company and Ming An Insurance. In 1956, the China Insurance Company and the Taiping Insurance Company suspended domestic operations according to unified national deployment and started specializing in insurance services in Hong Kong and Macao and overseas.
In 1999, all state-owned insurance organizations operating overseas were incorporated into China Insurance International Holdings. In 2000, it was listed on the Hong Kong Stock Exchange, becoming the first Chinese insurance company listed overseas. In 2001, domestic operations were resumed under the Taiping brand.
In 2009, the three large brands of China Insurance, Taiping and Ming An were conglomerated and renamed as China Taiping Insurance Co Ltd. In 2011, it came under the administration of the central government and was upgraded as a vice-ministerial-level central financial enterprise. In 2013, it was successfully restructured and reformed, listed as a whole entity and officially renamed as China Taiping Insurance Holdings Company Limited.
9. Taikang Insurance Group
Taikang Insurance Group Co., Ltd. was established in 1996 and is headquartered in Beijing. So far, it has developed into a large-scale financial and insurance service group covering the three core businesses of insurance, asset management, and medical care.
Taikang Insurance Group has subsidiaries such as Taikang Life, Taikang Assets, Taikang Pension, Taikang Health Investment, and Taikang Online. The scope of business covers life insurance, Internet property insurance, asset management, corporate annuities, occupational annuities, medical pensions, health management, commercial real estate and other fields.
- Revenue: $30 Billion
- Founded: 1996
- Country: China
As of the end of 2020, Taikang Insurance Group’s assets under management exceeded 2.2 trillion yuan, pension management over 520 billion yuan, accumulated service to 356 million individual customers, over 420,000 corporate customers, and 22 high-quality Taikang homes across the country. Senior care community, 5 major medical centers. Taikang Insurance Group has been listed on the Fortune Global 500 list for three consecutive years, ranking 424th and China’s top 500 104th.
10. Huaxia Insurance
Huaxia Insurance was founded in 2006 Nian 12 months, is one approved by the Bank of China Insurance Regulatory Commission to set up a national joint-stock life insurance company with a registered capital of 153 million yuan.
- Revenue: $28 Billion
- Founded: 2006
- Country: China
The company has a total assets of over 6000 billion yuan, headquartered in Beijing, is currently located There are 24 directly affiliated branches , a total of 661 branches, 175 million customers and 500,000 manpower .
Read More about Top 10 Banks in the World.
So Finally these are the list of Top 10 Mutual Insurance Companies in World based on turnover, Sales and Revenue.
