AM Best is the oldest and largest credit rating agency in the world specializing in the insurance industry. In the January 2026 edition of Best’s Review, it published the rankings of the world’s largest insurance companies.
One of the most noteworthy aspects of the study was Berkshire Hathaway’s rise to the number one position in the ranking. Germany’s Allianz SE, after five years of leadership, fell to second place. Ranked by total non-banking assets, Berkshire Hathaway Inc. was the largest insurer in 2024 with assets of $1.15 trillion, an increase of 7.8% compared to the previous year.
Allianz SE, with assets of $1.08 trillion, holds second place. China Life remains in third position with $1.02 trillion. These three companies form the exclusive trillion-dollar club.
Dominance of Health Insurance and U.S. Insurers
If the asset ranking measures balance sheet strength, the net premiums written ranking measures the ability to generate business. In this respect, the dominance of U.S. insurers is undeniable, driven by their private healthcare model. Four of the five largest insurers in the world by premiums are American health insurance companies.
UnitedHealth Group remains the leader for the eleventh consecutive year, with $308.8 billion. As for European insurers, in this ranking Allianz SE holds eighth place and AXA S.A. ranks tenth.
How to manage trillions of dollars?
The modernization of legacy systems is no longer an option, but a survival strategy. Technology is the key factor that transforms data complexity into balance sheet strength. Companies such as Allianz SE and UnitedHealth Group use agentic AI to make autonomous decisions in underwriting and claims processing tasks.
AM Best’s rankings highlight the importance of asset diversification, the prominence of health insurance as a revenue driver, and the primacy of data.
