Berkshire Hathaway Inc. has claimed the top spot among the world’s insurers by nonbanking assets, surpassing Allianz SE with US$1.15 trillion (£850 billion), according to AM Best’s January 2026 rankings.
Meanwhile, UnitedHealth Group Inc. maintained its lead in net premiums written (NPW), holding the position for the 11th consecutive year with US$308.8 billion, up 6.2% in 2024.
Allianz SE, which had led the nonbanking assets ranking for five straight years, dropped to second place despite a 6.2% rise in assets to US$1.09 trillion. The rest of the top five remained unchanged, with China Life Insurance (Group) Co., Ping An Insurance (Group) Co. of China Ltd., and Prudential Financial Inc. ranking third through fifth. Growth among China’s largest insurers was partly offset by a 3.2% depreciation of the yuan against the US dollar.
The top 10 insurers globally by nonbanking assets are: Berkshire Hathaway (US), Allianz SE (Germany), China Life Insurance (China), Ping An Insurance (China), Prudential Financial (US), Legal & General Group (UK), AXA (France), Manulife Financial (Canada), MetLife (US), and Life Insurance Corp. of India.
In NPW rankings, US health insurers dominated the top positions. Centene Corp., Elevance Health Inc., and Kaiser Foundation Health Plan Group retained second through fourth spots. State Farm Group entered the top five after posting a 16.4% increase to US$114.47 billion, the largest growth among the top 10.
The top 10 global insurers by NPW are: UnitedHealth Group (US), Centene Corp. (US), Elevance Health (US), Kaiser Foundation Health Plan Group (US), State Farm Group (US), Humana Inc. (US), China Life Insurance (China), Allianz SE (Germany), Berkshire Hathaway (US), and AXA (France).
AM Best compiled the rankings using BestLink data and additional research, published in the January 2026 issue of Best’s Review. Analysts said Berkshire Hathaway’s rise in asset rankings reflects the growing scale and diversification of large multinational insurers, which may increase competitive pressure on smaller or regional carriers.
UnitedHealth’s continued dominance in premiums highlights the ongoing concentration of the US health insurance market, which could influence pricing and product strategies globally. Additionally, the combination of strong asset bases and premium growth among the top insurers may allow them to expand into new markets or invest in emerging risks such as cyber, climate, and specialty insurance lines.
