Chinese insurance brands dominate the world’s most valuable insurance brands with Ping An (brand value of $33.6bn) at the top.
The top five was full of Chinese insurance brands with China Life Insurance ($17.5bn) and CPIC ($15.3bn) placing in third and fifth respectively.
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In addition, Ping An, China Life and CPIC all recorded rises in their brand values year-on-year, by 4%, 2% and 1% respectively.
This is according to Brand Finance and its Insurance 100 2024 report.
Allianz came in second, with its brand value up 17% to hit $24.6bn and AXA finished fourth, up 4% year-on-year to hit $16.6bn.
74 insurance brands saw an increase to their brand value, the largest being 82% with NRMA Insurance ($1.3bn) in Australia and 66% from Tryg in Denmark to reach $1.6bn.
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By GlobalDataIndia’s LIC ($9.8bn brand value) has become the strongest insurance brand, with a brand strength index score of 88.3 and associated AAA brand strength rating.
Furthermore, the second strongest brand is Cathay Life Insurance (brand value up 9% to $4.9bn).
Alex Haigh, managing director of Brand Finance Asia Pacific commented: “The continued growth of Chinese insurance brands in the global market underscores their strategic agility and relentless pursuit of innovation while their European counterparts such as Allianz and AXA demonstrate remarkable adaptability through customer-centric strategies and digital transformations.
“Our research shows that these players are well poised for growth in an increasingly competitive landscape.”
Ping An Insurance Company of China (Ping An) has reported a net profit of 87.57bn yuan ($11.97bn) for the first nine months of 2023, a decline of 5.6% compared with 92.78bn yuan a year ago.
For the January to September period, Ping An reported a 16.7% annualised operating return on equity.
The operating profit after tax of the company’s core financial businesses, notably life and health; property and casualty (P&C); and banking, was marginally down by 0.2% to 117.8bn yuan.
