AM Best is the world’s oldest and largest credit rating agency specializing in the insurance industry. In the January 2026 issue of Best’s Review published the rankings of the world’s largest insurers.
One of the most noteworthy aspects of the study was the rise of Berkshire Hathaway to number one in the ranking. Germany’s Allianz SEafter five years of leadership, falls to second place. Ranked by total non-bank assets, Berkshire Hathaway Inc. was the largest insurer in 2024 with assets of $1.15 trillion, an increase of 7.8% over the previous year.
Allianz SE, with assets of $1.08 trillion, is in second place. In third place is China Lifewith $1.02 trillion. These three companies form the select billion-dollar club.
Hegemony of U.S. health insurance and U.S. insurers
If the ranking of assets measures the strength of the balance sheet, the ranking of net premiums written measures the capacity to generate business. In this respect, the dominance of U.S. insurers is undisputed, driven by their private healthcare model. Four of the world’s five largest insurers by premiums are U.S. health companies.
UnitedHealth Group continues to lead the ranking for the eleventh consecutive year, with $308.8 billion. Among European insurers, Allianz SE ranks eighth and AXA S.A. tenth in the ranking.
How to manage billions of dollars?
Modernization of legacy systems is no longer an option, but a survival strategy. Technology is the enabler to turn 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 settlement.
AM Best’s rankings highlight the importance of asset diversification, the prominence of health insurance as a revenue driver and the primacy of data.
