Page 17 - Insurance Times February 2016

World's Top 10 Insurers Ranked by Premium, Assets
The world's largest insurer as mea-
sured by 2014 net premiums written is
UnitedHealth Group Inc., according to
a ranking by A.M. Best of the world's
largest insurance companies.
France's AXA S.A. kept its top spot
among global insurers ranked by as-
sets, but fell to No. 2 by net premiums
written (NPW).
Also climbing in rank among the top 10
by NPW were health insurers Anthem
Inc., Kaiser Foundation Group of
Health Plans and Aetna Inc., all of
which saw rapid gains in the U.S.
health insurance market. Also making
gains were China-based companies in
the ranking by NPW.
According to A.M. Best, the top 10
global insurers ranked by non-banking
assets are:
1. AXA S.A., France
2. Allianz SE, Germany
3. MetLife Inc., United States
4. Prudential Financial Inc., United
States
Insurance Execs' Midlife Crisis Cure: Four AIG, ACE
Veterans Join Startup P2P Insurer Lemonade
An instech startup looking to disrupt
the property/casualty insurance indus-
try with a new business model has
turned to four seasoned
insurance executives from
traditional carriers AIG
and ACE Insurance to
round out its executive
team.
Lemonade, the peer-to-
peer (P2P) insurance carrier set to launch said.
in the first half of this year, has named
Ty Sagalow, a 25-year senior executive
with American International Group
(AIG), as its chief insurance officer.
The New York-based startup has also
attracted three other seasoned insur-
ance executives - Robert Giurlando and
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5. Japan Post Insurance Co., Ltd., Japan
6. Legal & General Group plc, United
Kingdom
7. Assicurazioni Generali S.p.A., Italy
8. Prudential plc, United Kingdom
9. Berkshire Hathaway Inc., United
States
10. Nippon Life Insurance Co., Japan
According to A.M Best, the top 10 glo-
bal insurers ranked by NPW are:
1. UnitedHealth Group Inc., United
States
2. AXA S.A., France
3. Allianz SE, Germany
4. Assicurazioni Generali S.p.A., Italy
5. Anthem Inc., United States
6. China Life Insurance (Group) Co.,
China
7. State Farm Group, United States
8. Kaiser Foundation Group of Health
Plans, United States
9. Munich Reinsurance Co., Germany
10. Aetna Inc., United States
James Hageman from ACE Insurance
and Ron Topping, also from AIG - to
join its small band of technologists.
"Insurance professionals
are typically conservative,
which is not typically char- and tax income of •101m. Compared
acteristic of a startup,"
Daniel Schreiber, one of
the entrepreneurs behind
the creation of Lemonade
Schreiber said he joked during the
search process that what Lemonade
needed was people "going through a
midlife crisis," insurance executives
who wanted to reinvent themselves
and the very industry in which they had
achieved success and prominence.
The Insurance Times, February 2016 17
Munich Re generates
third-quarter profit of
•525m in a challenging
environment
Munich Re posted a consolidated
profit of •2.4bn
for the first nine
months of 2015
(same period last
year: •2.4bn). In
the third quarter,
the Group realised a profit of
•525m. For the current financial
year, Munich Re is still aiming for a
profit of at least •3bn.
CFO Jörg Schneider summed up the
figures saying, "With a quarterly profit
of •525m, we remain on course for
another gratifying result for the year".
As regards the developments in the
third quarter, Schneider said, "The
capital market turbulences have left
their mark on the investment result,
with below-average realised gains on
disposals, write-downs of equities, and
losses from derivative hedging instru-
ments."
In the third quarter, the operating
result was below the figure for the
same quarter last year at •579m.
The amount posted under "other
non-operating result" totalled -
•97m. Overall, the result for the
third quarter was marked by one-off
effects that were negative on bal-
ance, particularly with regard to in-
vestments.
These negative effects were offset
by a below-average random inci-
dence of major losses in reinsurance
with the year-end 2014, sharehold-
ers' equity remained stable at
•30.0bn, with a decrease in the
third quarter being due primarily to
the reduced balance of unrealised
gains and losses in Munich Re's
portfolio.