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The 20 Biggest Health Insurance Companies in 2022

United Health

Health insurance companies cover medical expenses such as hospitalization and medical costs due to an illness. The biggest health insurance companies are rated according to the number of members or covered lives measured in net premiums. Members are individuals who a health insurer covers. The following are the 20 biggest health insurance companies in 2022.

20. Kaiser Foundation Group of Health Plans (Revenue $ 24.2 billion)

It is one of the biggest health insurance companies located in Washington. Kaiser Foundation was founded in 1945 as a non-profit company. When it comes to health, they offer both individual and family health covers. The company serves ten states and has 11.3 million members. The net premiums written are estimated to be $83.6 million. Kaiser Foundation Group has partnered with different physicians and medical professionals. They work with approximately 19,749 medics in 38 hospitals and have opened 651 medical offices.

19. AXA SA (Revenue $25.41 billion)

Located in Paris, it is the largest multinational insurance company in France. They provide a wide range of health covers and financial services. The company was founded in 1816, and currently, they have an employee force of 149,000. AXA has branches in various parts of the world like Western Europe, the Middle East, The India Pacific Region, and North America. The estimated net premiums of the company are $104.5 billion.

18. Japan Post Insurance Company (Revenue $30.39 billion)

Established in October 2007, this insurance company is a leading insurer in Japan. Japan Post Insurance is a subsidiary of Japan Post Holdings. In 2011 it was the largest company in the world in terms of net written premiums, but other companies have since overtaken it though it remains one of the biggest health insurance companies. According to Japan Post, in November 2015, they were listed on Tokyo Stock Exchange to contribute to an Initial Public Offering (IPO). This insurance company has 5400 employees. In 2019, the president and CEO of the company were forced to resign following allegations of being involved in a scam targeting elderly customers.

17. New York Life Insurance Company (Revenue $44.12 Billion)

It is the third largest life insurer in the United States. New York Life Insurance was first opened in Manhattan in 1841 as Nautilus Mutual Life. The company has weathered the storms of life and has grown over the years to be one of the biggest health insurance companies. They have estimated annual revenue of $44.117 billion and 11,388 employees. Aside from insurance, the company has extended its philanthropic arm and participated in charitable work. One of its recent projects is participating in childhood bereavement programs and supporting comfort camps. The company has partnered with various institutions to facilitate charity programs in the United States.

16. Aetna International Medical Insurance ($53.9 billion)

As one of the leading and biggest medical insurance companies, Aetna stands out for its managed health care system in the US. The company derives its name from Mount Etna, one of the most active volcanoes. They have their headquarters in Hartford, Connecticut. Aetna is a top organization offering consumer-directed health care. They offer dental, medical, behavioral health, disability plans, and pharmaceutical services. Since 2018, Aetna has been operating as one of the subsidiaries of CVS Health, and together they are working to change the health insurance sector. The company's portfolio shows that they serve approximately 22.1 million members. They have partnered with 1.2 million medical care professionals and are working with over 5700 hospitals. Currently, the company has 47,950 employees, and the number keeps growing yearly.

15. Prudential PLC (Revenue $56.6 billion)

Prudential Plc is among the biggest and oldest insurance companies in the United Kingdom. It was established in May 1848 in London, and in 1978 the company was listed on London Stock Exchange. The goal of Prudential is to make health care accessible and affordable. They also aim to protect people's health because they believe your health is your wealth. In Asia and Africa, they have been providing health covers for almost 100 years to over 18 million customers.

14. Daichi Life Insurance Company (Revenue $68.15 billion)

It is the third largest health insurance company in Japan. Daichi was founded in 1902 as a mutual insurance company, but it was demutualized in 2009. The following year it was listed on Tokyo's stock exchange and raised a total of 1.01 trillion Yen. According to Dai-Chi Life, in 2013 the company witnessed massive growth where it was rated as the company with the most assets in Japan, with assets worth over 33 Trillion Yen. This figure was the closing balance on the company's balance sheet. In 2014, the company projected to raise over one billion dollars through subordinated bonds in overseas markets.

13. Zurich Insurance Group Limited (Revenue of $77 billion)

It is the largest health insurance company in Switzerland, with its headquarters in Zurich. Zurich offers an individual health insurance cover that protects you when you become ill. Apart from health insurance, they also offer a wide range of property and life insurance services for local and global markets. With a workforce of about 56000 employees, Zurich is located in more than 210 countries. The company has an estimated written net premium of $41.1 billion.

12. Humana (Revenue $83.06 billion)

Humana Health Insurance Company is a big health insurer based in Louisville, Kentucky. It is one of the world's biggest companies, not just in healthcare. When it comes to healthcare, it is the third biggest health insurer in the United States. In 2015, Aetna acquired Humana to reduce competition, but the court nullified the acquisition as uncompetitive. Due to the court's ruling, Humana is now operating as an independent health insurer. As of December 2021, they had 95,500 employees, and the number keeps growing yearly. They also independently run military and nursing health care.

11. Assicurazioni Generali SPA (Revenue $87.17 billion)

It is an Italian Insurance Company since December 1831. The company's original name is Imperial Regia Compagia and is now Assicurazioni Generali SPA or Generali Group. A 2019 report ranked this company as Italy's biggest health insurance company. The report is based on net assets, and premiums amount to $77.5 billion. According to Generali, the company operates in other parts of the world like the Middle East, the Czech Republic, East Asia, Hungary, and Germany.

10. Life Insurance Corporation of India (Revenue $95 billion)

It is one of the leading insurance companies in India, with its headquarters in Mumbai. The Government of India owns the company. They offer different health covers, the most famous being the cancer cover. Life Insurance was established in September 1956 when India's parliament passed the life insurance act of India. The government merged over 245 insurance companies to form India's state life insurance corporation. As of 2019, the company had reported over 290 million policyholders and over 114,000 employees. This organization is also big on charity and established the Golden Jubilee Foundation. They have two headquarters in London and Hong Kong and rank top in the Asian Insurance Market.

9. China Life Insurance (Group Company) (Revenue $97.6 billion)

Headquartered in Beijing, China Life Insurance is a state-owned company offering financial and health insurance services. It was initially called PICC and renamed to its current name in 1999. The company has over 10,000 employees. This company is the second largest company in China in terms of net premium and net banking assets.

8. Ping An Insurance Group Company of China. (Revenue 118.8 million)

Founded in 1988, Ping An of China started as an insurer of property and casualty. The company later expanded its operations to life, health, banking, wealth management, and online financial services. It is one of the best insurance companies in the world and the biggest in China. The company's market capitalization stands at $118 billion, and net premiums are at 118.8 billion. A 2021 end-year report shows the company has 189,305 employees. Ping An is listed on both the Shanghai and Hong Kong stock markets. By 2021, they had attended to over 227 million customers.

7. Centene Corporation (Revenue $125.95 billion)

Centene is a  company that focuses on managed healthcare insurance. The company headquarters are in St. Louis, Missouri. Centene was founded in Wisconsin by Elizabeth Brinn as a non-profit organization. After her death, the company was sold to investors, and it went public in December 2001. It has grown to be one of the biggest health insurance companies with over 71,300 employees. According to Centene, one of the company's main goals is to help people live healthier lives. They provide health covers, health solutions, and innovative programs to help individuals and families stay healthy.

6. Anthem, Inc. (Revenue $136.9 billion)

Also known as Elevance Health Inc. This is an American Health Insurance Company. It has a new name in June 2022 Elevance Health. The company offers a wide range of health services such as pharmaceutical, medical, disability plans, dental, and behavioral health. At the beginning of 2022, Anthem Inc had 46.8 million members across all its affiliated companies. All the members had insurance cover.

5. Allianz SE (Revenue $151.88 billion)

Allianz SE is one of the biggest health insurance companies and asset managers with operations in over 70 countries. Its country of domicile is Germany where it has its headquarters in Munich. In 2021, they employed 155,000 employees and had a net premium written of $86.8 billion.

4. Cigna (Revenue $174.1 billion)

Cigna is an American insurance company offering a variety of health insurance covers. The company is based in Bloomfield, Connecticut. It is a multinational in healthcare with subsidiaries that offer medical care in the form of disability, dental, accident, and life insurance. Cigna is famous for its world-class medical care. The company has a fully staffed health organization with satellite clinics in Phoenix. The organization and satellite clinics are under the umbrella of Cigna Medical Group. Currently, they have 74,000 employees and serve over 170 million customers worldwide. This organization aims to offer its customers the right services and solutions to their health-related issues.

3. Berkshire Hathaway Inc. (Revenue $276.1 billion)

Berkshire is one of the companies revolutionizing America's health care system. The company offers insurance and reinsurance services covering various areas such as casualty, property, health, and life insurance. Various companies operate under Berkshire, like Berkshire Hathaway Reinsurance Group, GEICO, and Berkshire Hathaway Primary group. The latter is responsible for all the health care services. In the last financial year, they had a net written premium worth $12.6 billion. According to CNBC, in 2018, the company partnered with Amazon and JP Morgan to streamline the expensive and complex American health system.

2. UnitedHealth Group (Revenue $286 billion)

United to help people live healthier lives and make healthcare accessible to everyone. UnitedHealth Group is on a mission to improve health care. It is the largest health insurance company in the United States. They commit and are working towards advancing health equity through an investment of $100 million. As a giant in health insurance, the company has employed more than 125,000 employees and partnered with 1.3 million health care professionals.

1. CVS Health (Revenue $292.11 Billion)

Previously known as CVS Corporation, it is an American health care insurer. Besides insurance, the company runs various businesses, such as CVS Pharmacy and CVS Caremark, among other brands. They also acquired Aetna, a health insurance company, facilitating its operations. CVS has its headquarters in Woonsocket, Rhode Island. According to CVS Health, the company's workforce cannot be underestimated, with an average of 295,000 employees. CVS aims to be a leader in providing health solutions and delivering to its customers like no other business. Its mission is to help people maneuver through the health care system. They have done this by improving access to health and lowering the cost of accessing meaningful care.

Allen Lee

Written by Allen Lee

Allen Lee is a Toronto-based freelance writer who studied business in school but has since turned to other pursuits. He spends more time than is perhaps wise with his eyes fixed on a screen either reading history books, keeping up with international news, or playing the latest releases on the Steam platform, which serve as the subject matter for much of his writing output. Currently, Lee is practicing the smidgen of Chinese that he picked up while visiting the Chinese mainland in hopes of someday being able to read certain historical texts in their original language.

Read more posts by Allen Lee

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