The biggest insurance companies in the UK

The UK insurance coverage business is the biggest in Europe, with its firms managing a complete of £1.8tn value of investments, making it additionally the third largest market on the planet, in line with the Affiliation of British Insurers (ABI).

Latest political developments, in addition to long-standing market circumstances, have threatened progress for corporations in latest occasions, however there are nonetheless many managing to thrive.

One of many primary measures used to gauge whether or not an insurance coverage firm is profitable or not is the quantity of enterprise they conduct – in any other case often known as their gross written premium (GWP).

This determine represents the premiums an insurer has earned regarding the danger they’ve taken on for the reported monetary 12 months earlier than any reinsurance prices or commissions are deducted.

We check out 9 of the most important insurance coverage firms within the UK in relation to their GWP in Britain.

Largest insurance coverage firms within the UK

Aviva
largest insurance coverage firms uk
Credit score: Aviva
Gross written premiums: £11.2bn (2018)

Aviva is the most important of the all of the insurance coverage firms within the UK, with a 17% market share of the life insurance coverage and financial savings market, in addition to a ten% share of the final insurance coverage market.

Though Britain represents the agency’s largest market, standing at 48% of its buyer base, it’s additionally the second largest insurer in Canada and operates in a complete of 16 international locations inside Europe and Asia.

Aviva used to function throughout the US market, with slightly below 1,000,000 fixed-index life insurance coverage insurance policies and annuities – a sort of funding that insurers defend with a coverage.

However in October 2013, it bought this arm of the enterprise to retirement financial savings firm Athene Holding Ltd.

AIG

largest insurance coverage firms uk
Credit score: American Worldwide Group
Gross written premiums: £5.3bn (2017)

American Worldwide Group (AIG) conducts insurance coverage enterprise all through Europe, Asia and Africa, with its largest market in North America.

The agency hasn’t reported its UK GWP figures for the final 12 months, however 2017 figures present it’s one of many UK’s largest insurers.

In December 2018, the agency’s life insurance coverage department, AIG UK Life, accomplished its acquisition of life insurance coverage specialist Ellipse to develop its particular person profit providing to incorporate group safety.

AXA

largest insurance coverage firms uk
Credit score: AXA
Gross written premiums: €5.16bn (£4.46bn) (2018)

AXA UK is a subsidiary of AXA Group working all through the UK and Eire.

Insurance coverage enterprise in these areas makes up 14% of AXA’s whole exercise in Europe, with the bulk performed in France, adopted by Germany and Switzerland.

The agency restricts its enterprise within the UK to property and casualty (P&C), in addition to medical insurance.

Based on AXA Group’s newest monetary report, it controls 8% of the property and casualty insurance coverage market within the UK, in addition to 29.9% of the well being cowl market.

Zurich Insurance coverage Group

largest insurance coverage firms uk
Credit score: Zurich Insurance coverage Group
Gross written premiums: $4.67bn (£3.57bn) (2018)

Zurich Insurance coverage Group points insurance policies for all times insurance coverage, in addition to for the property and casualty market.

The corporate operates throughout Europe, Asia and North America, with the UK market making up 10% of its GWPs throughout each these strains.

The UK types the biggest a part of Zurich’s European property and casualty market, however solely by a slim majority, adopted carefully by Switzerland – the place it was based – after which by Germany.

For its life insurance coverage exercise, alternatively, Spain is the biggest market, adopted by Germany after which the UK.

RSA Group

largest insurance coverage firms uk
Credit score: RSA
Gross written premiums: £4.12bn (2018)

RSA Group introduced its first decline in underwriting earnings since 2013 inside its 2018 monetary report – nevertheless it nonetheless stays one of many largest insurance coverage firms within the UK.

The report states that its insurance coverage enterprise is break up between two main areas, with 57% of insurance policies held in private strains like pet and motor, and 43% held by companies.

These figures account for the worldwide operations that span Europe, Asia, North America and the Caribbean, however premiums written within the UK account for 48% of the worldwide whole.

These premiums are largely held in private and industrial property insurance coverage, with the opposite private strains insurance policies.

Direct Line

Credit score: Direct Line Group
Gross written premiums: £3.22bn (2018)

Direct Line Group solely operates throughout the UK however gives insurance policies by a number of manufacturers: Direct Line, Privilege and Churchill.

Motor insurance coverage types nearly all of the agency’s insurance coverage enterprise, with its 2018 monetary report revealing that £1.67bn of GWPs have been delivered to clients on this market.

The agency’s second largest section was house insurance coverage, with a GWP of £607m, adopted by its industrial strains at £511m, with private strains and roadside help at £423m.

Allianz

Credit score: Allianz
Gross written premiums: £2.17bn (2017)

Allianz UK lately agreed to amass a majority stake in LV Normal Insurance coverage Group (LV GIG) for £578m, and 100% stake in Authorized & Normal Insurance coverage, the final insurance coverage enterprise of Authorized & Normal Group, for £242m, totalling £820m.

The deal got here after Allianz acquired 49% of LV GIG in 2017, with plans to personal 100% in late 2019, nevertheless it selected to leap forward and purchase the remaining shares alongside the L&G deal, making it the second largest UK insurer, behind solely Aviva.

Allianz is lively throughout all main strains of common insurance coverage, with industrial choices as nicely.

Bupa

Credit score: Bupa
Gross written premiums: £1.56bn (2018)

Bupa is among the many largest insurance coverage firms within the UK non-public medical insurance coverage market.

It’s a part of a small group, additionally together with Prudential, Aviva and AXA PPP, that holds 90% of market share.

The agency is lively in a number of worldwide markets throughout Europe, Asia and the Center East, with its UK insurance policies forming 17.5% of its GWP.

Regardless of being based within the UK, Bupa’s largest market is in Australia and New Zealand, which accounts for 42.9% of its insurance coverage enterprise.

Ageas

Credit score: Ageas
Gross written premiums: €1.77bn (£1.3bn) (2018)

Ageas writes common insurance coverage insurance policies for the UK throughout all main strains, together with house, motor and medical insurance – however the majority of its insurance policies are written within the motor insurance coverage market.

That is in distinction to the agency’s enterprise throughout continental Europe – excluding the UK and Belgium – the place life insurance coverage accounts for 73% of its GWP.

Belgium is the corporate’s largest market, the place it serves 3.5 million clients throughout common and life insurance coverage strains, with a GWP of €5.35bn (£4.63bn).

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