GlobalData report reveals significant revenue growth

11 July 2022

A performance report from Globaldata shows many of the top insurers experienced considerable revenue growth last year as economic activity reached near pre-pandemic levels.

GlobalData says the average annual revenue of leading insurers worldwide grew by 9.5%, while total premiums earned increased 8%.

16 of the 20 largest companies reported revenue growth for the previous year, with CNP Assurances, Prudential Financial, Assicurazioni Generali, and Zurich Insurance ranking amongst the most prolific.

France-based insurer CNP Assurances reported the highest increase in yearly revenue with $US51.8 billion ($75.93 billion), a 30.8% rise from its 2020 numbers.

Zurich’s $US68.5 billion ($96.45 billion) revenue resulted from 19.2% growth spurred on by an 8.3% rise in earned premiums. GlobalData says Zurich was also bolstered by a 58.2% rise in net investment income.

Allianz reported a 6.8% increase in its premium growth rate, but the insurer’s revenue dropped by 4.7% earning $US122 billion ($178.83 billion) last year.

US insurance giants UnitedHealth Group and Berkshire Hathaway reported revenues of $US287.6 billion ($421.57 billion) and $US228 billion ($334.21 billion) earned, respectively.

GlobalData says the global economic impacts of changing geopolitical events and the continuing threat of new variants of Covid-19 will present further challenges for the industry.