The world's top 20 public insurance companies by revenue witnessed a revival in 2021, as COVID-19 restrictions were eased and global economic activity almost touched pre-pandemic levels.
That is according to analysis by data and analytics firm GlobalData, which found that the average revenue growth of these companies stood at 9.5% last year, while total premiums earned grew by 8%.
Of the top 20, a total of 16 companies reported year-on-year revenue growth, with the most notable performers being CNP Assurances, Prudential Financial, Assicurazioni Generali, and Zurich Insurance.
“Premiums earned and extremely bullish global stock markets in 2021 helped insurance companies record substantial investment gains and achieve growth in investment incomes,” explained Parth Vala, company profiles analyst at GlobalData.
The top 20 insurance firms by revenue in 2021 are shown below:
CNP Assurances’ massive 30.8% revenue growth was drive in part by 14.5% growth in its premiums earned, while Prudential Financial benefitted from an investment gain of $4bn, against an investment loss of $3.9 bn in the previous year.
Assicurazioni Generali also registered massive growth in its investment gains over the previous year, which enabled a 22.3% rise in its revenue growth, while Zurich Insurance’s 19.2% revenue growth was attributable to 8.3% rise in earned premiums, reaching $44.3bn.
Some of the biggest losses in revenue were seen by Japan Post Insurance and Legal & General, which reported an 11.6% and 9.9% respective decline in their earned premiums, which caused revenue decline.
Legal & General derives around 80% of its revenue from investment income, and this dropped by 8.3% year-on-year in 2021.
Vala added: “With the global economy on tenterhooks following rapidly changing geopolitical scenarios and the potential threat of new variants of COVID-19, the upcoming months are likely to pose further challenges to the insurance industry.”
Image credit: iStock
Author: Chris Seekings