Top 50 Global Life Insurers by Policyholder Reserves (2024)
Curated by Carlton Crabbe, CEO, Capital for Life · Data: S&P Global Market Intelligence, Nov 2024 · 8 min read
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50
largest global life insurers ranked
$750.2B
reserves held by the largest carrier
2024
S&P Global sourced data
Introduction
How to use this table.
This table presents the 50 largest global life insurance companies, ranked by total policyholder reserves as of 2024, based on independently sourced S&P data. Reserves reflect the funds each insurer has set aside to meet its long-term obligations, a critical indicator of institutional strength, particularly for high-value, multi-decade life insurance contracts.
While size alone does not determine suitability, this ranking provides a strong foundation for comparing carriers in terms of financial capacity, market stability, and long-term security. When combined with Capital for Life's internal scoring model, which incorporates credit ratings, solvency measures, product innovation, and underwriting flexibility, this table becomes a powerful tool for selecting the right insurer for premium finance, trust-owned policies, and cross-border planning.
The Rankings
Top 50 Global Life Insurers by Policyholder Reserves (2024)
(Sourced from S&P Global. Table includes reserves in USD billions.)
| Rank | Company name (ticker-exchange) | Headquarters | Accounting principle | Reserves ($B) |
|---|---|---|---|---|
| 01 | Allianz SE (ALV-XTRA) | Germany | IFRS | 750.2 |
| 02 | China Life Insurance Co. Ltd. (2628-SEHK) | Mainland China | IFRS | 616.9 |
| 03 | Nippon Life Insurance Co. | Japan | Japanese GAAP | 536.8 |
| 04 | Life Insurance Corp. of India (LICI-NSEI) | India | Indian GAAP | 503.07 |
| 05 | Ping An Insurance (Group) Co. of China Ltd. (2318-SEHK) | Mainland China | IFRS | 485.86 |
| 06 | Legal & General Group PLC (LGEN-LSE) | UK | IFRS | 430.35 |
| 07 | MetLife Inc. (MET-NYSE) | US | US GAAP | 427.35 |
| 08 | Prudential Financial Inc. (PRU-NYSE) | US | US GAAP | 420.75 |
| 09 | Assicurazioni Generali SpA (G-BIT) | Italy | IFRS | 415.1 |
| 10 | Japan Post Insurance Co. Ltd. (7181-TSE) | Japan | Japanese GAAP | 414.52 |
| 11 | Dai-ichi Life Holdings Inc. (8750-TSE) | Japan | Japanese GAAP | 405.81 |
| 12 | CNP Assurances SA | France | IFRS | 396.75 |
| 13 | AXA SA (CS-ENXTPA) | France | IFRS | 396.65 |
| 14 | Crédit Agricole Assurances SA | France | IFRS | 363.75 |
| 15 | Phoenix Group Holdings PLC (PHNX-LSE) | UK | IFRS | 296.24 |
| 16 | Aviva PLC (AV-LSE) | UK | IFRS | 291.95 |
| 17 | Aegon Ltd. (AGN-ENXTAM) | Netherlands | IFRS | 289.2 |
| 18 | Meiji Yasuda Life Insurance Co. | Japan | Japanese GAAP | 288 |
| 19 | New York Life Insurance Co. | US | US Statutory | 283.38 |
| 20 | Manulife Financial Corp. (MFC-TSX) | Canada | IFRS | 276.82 |
| 21 | Sumitomo Life Insurance Co. | Japan | Japanese GAAP | 265.04 |
| 22 | The Northwestern Mutual Life Insurance Co. | US | US Statutory | 252.06 |
| 23 | Teachers Insurance and Annuity Association of America | US | US Statutory | 247.23 |
| 24 | Cathay Life Insurance Co. Ltd. | Taiwan | IFRS | 240.87 |
| 25 | BNP Paribas Cardif SA | France | IFRS | 230.59 |
| 26 | Athene Holding Ltd. | Bermuda | US GAAP | 228.98 |
| 27 | AIA Group Ltd. (1299-SEHK) | Hong Kong | Hong Kong FRS | 226.65 |
| 28 | China Pacific Insurance (Group) Co. Ltd. (601601-SHSE) | Mainland China | PRC GAAP | 223.26 |
| 29 | Corebridge Financial Inc. (CRBG-NYSE) | US | US GAAP | 214.2 |
| 30 | Samsung Life Insurance Co. Ltd. (A032830-KOSE) | South Korea | Korean IFRS | 204.46 |
| 31 | Massachusetts Mutual Life Insurance Co. | US | US Statutory | 202.43 |
| 32 | Zurich Insurance Group AG (ZURN-SWX) | Switzerland | IFRS | 183.49 |
| 33 | Great-West Lifeco Inc. (GWO-TSX) | Canada | IFRS | 183.02 |
| 34 | The Prudential Assurance Co. Ltd. | UK | UK GAAP | 181.32 |
| 35 | Scottish Widows Ltd. | UK | SFCR | 172.02 |
| 36 | M&G PLC (MNG-LSE) | UK | IFRS | 169.09 |
| 37 | Swiss Life Holding AG (SLHN-SWX) | Switzerland | IFRS | 167.91 |
| 38 | Fubon Life Insurance Co. Ltd. | Taiwan | IFRS | 163.17 |
| 39 | Lincoln National Corp. (LNC-NYSE) | US | US GAAP | 162.95 |
| 40 | NN Group N.V. (NN-ENXTAM) | Netherlands | IFRS | 158.94 |
| 41 | Taikang Insurance Group Inc. | Mainland China | PRC GAAP | 157.45 |
| 42 | Nan Shan Life Insurance Co. Ltd. | Taiwan | IFRS | 155.26 |
| 43 | New China Life Insurance Co. Ltd. (601336-SHSE) | Mainland China | IFRS | 150.76 |
| 44 | Sogecap SA | France | French GAAP | 150.66 |
| 45 | Munich Re Co. (MUV2-XTRA) | Germany | IFRS | 149.56 |
| 46 | Poste Vita SpA | Italy | IFRS | 149.22 |
| 47 | Intesa Sanpaolo Vita SpA | Italy | IFRS | 145.04 |
| 48 | Global Atlantic Financial Ltd. | Bermuda | US GAAP | 141.22 |
| 49 | China Taiping Insurance Holdings Co. Ltd. (966-SEHK) | Hong Kong | Hong Kong FRS | 132.69 |
| 50 | St. James's Place PLC (STL-LSE) | UK | IFRS | 129.46 |
Conclusion
Going beyond the numbers.
A high reserve total signals an insurer's financial commitment, but it's only part of the story. Advisers should also consider credit ratings, regulatory standing, liquidity, global reach, and how well the carrier's product structures align with client goals.
This Top 50 list is updated annually and should form a core pillar of your financial advice to clients looking for a safe, strong and stable international life insurer.
Members can access downloadable versions, scoring overlays, and expert commentary to support informed decision-making in real-world settings.
To view full scoring by factor and explore product suitability insights for each carrier, visit the Capital for Life Members section.