Berkshire Hathaway Takes the Lead in Global Insurance Rankings
The global insurance leaderboard has a new name at the top. According to AM Best’s January 2026 analysis, Berkshire Hathaway Inc. has surpassed Allianz SE to become the world’s largest insurer by nonbanking assets, closing the year with $1.15 trillion on its balance sheet. For an industry that closely tracks capital strength, investment scale, and balance sheet durability, the shift is notable, though not entirely unexpected.
Allianz, which held the leading position for five consecutive years, did not stumble. The German-based carrier posted solid growth of 6.2 percent, reaching $1.09 trillion in nonbanking assets. The change at the top reflects momentum at Berkshire rather than weakness elsewhere and reinforces how quickly rankings can evolve when scale, market conditions, and currency effects intersect.
“Berkshire’s rise highlights the compounding advantage of diversified earnings streams and long-term capital discipline.”
AM Best senior industry analyst
A Broader Look at the Global Asset Landscape
Beyond the top two, the rest of the top five underscores the truly global nature of insurance capital. China Life Insurance Group and Ping An Insurance Group of China Ltd. remain dominant players, joined by Prudential Financial Inc. of the United States. However, currency movements played a meaningful role in how growth translated into dollar terms.
The Chinese yuan weakened by approximately 3.2 percent against the U.S. dollar over the period, muting reported asset growth for Chinese insurers when measured globally. This serves as a reminder that headline rankings often reflect macroeconomic forces as much as operational performance.
“Exchange rates can reshape global rankings even when underlying fundamentals remain strong.”
International insurance economist
Top 10 Insurers by Nonbanking Assets
The current top 10 reflects geographic diversity and regulatory sophistication across mature and emerging markets:
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Berkshire Hathaway (United States)
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Allianz SE (Germany)
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China Life Insurance (China)
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Ping An Insurance (China)
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Prudential Financial (United States)
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Legal & General Group (United Kingdom)
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AXA (France)
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Manulife Financial (Canada)
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MetLife (United States)
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Life Insurance Corporation of India (India)
These organizations operate across complex regulatory environments while managing underwriting risk, investment volatility, and capital requirements at immense scale.
Premium Volume Tells a Different Story
While asset rankings highlight balance sheet strength, net premiums written reveal where insurance dollars are actively flowing. UnitedHealth Group Inc. once again led the industry, marking its 11th consecutive year at the top with $308.8 billion in net premiums written, up 6.2 percent from the prior year.
The dominance of U.S.-based health insurers remains striking. Concentration among large payers continues to shape pricing dynamics, provider negotiations, and regulatory scrutiny across the sector. State Farm Group stood out for a different reason, posting the highest growth rate among the top 10 at 16.4 percent and reaching $114.47 billion in premiums, a sign of effective risk selection and distribution strength in personal lines.
Top 10 Insurers by Net Premiums Written
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UnitedHealth Group (United States)
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Centene Corp. (United States)
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Elevance Health (United States)
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Kaiser Foundation Health Plan Group (United States)
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State Farm Group (United States)
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Humana Inc. (United States)
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China Life Insurance (China)
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Allianz SE (Germany)
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Berkshire Hathaway (United States)
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AXA (France)
What This Means for the Industry
The divergence between asset leadership and premium leadership highlights how varied insurer strategies have become. Berkshire’s ascent reflects long-term capital accumulation and investment performance, while health insurers continue to dominate premium volume through scale and demographic demand.
Looking ahead, analysts expect leading carriers to leverage their size to expand into specialized and emerging risk areas. Cyber insurance, climate-related exposures, and operational challenges tied to artificial intelligence are increasingly central to growth strategies. At the same time, consolidation among large U.S. health insurers is likely to influence global pricing benchmarks and regulatory approaches well beyond domestic markets.
“Scale is no longer just about growth. It is about resilience, optionality, and influence.”
Global insurance strategy consultant
For insurers watching these rankings, the message is clear. Capital strength, premium momentum, and adaptability to economic and technological change will continue to redefine leadership in the years ahead.