global 500 - International Cooperative and Mutual Insurance

Transcription

INTERNATIONAL COOPERATIVE AND
MUTUAL INSURANCE FEDERATION
global
500
The world’s 500 largest mutual and cooperative insurers
1
Introduction
2
Global 500 largest mutual insurers
3
The 20 largest mutual insurers
10
Fastest-growing mutual insurers
12
Global 500
21
Methodology and data
21
References
Global 500
2013
The world’s 500 largest mutual and cooperative insurers
2012
GLOBAL 500 | 2012 | 1
The global mutual and cooperative insurance sector in 2013
USD 1.26 trillion in premium income
27.3% share of the global insurance market
USD 7.8 trillion in total assets
Approximately
1.1 million people employed
915 million policyholders/members
1,258
2012
1,248
Life mutual premiums
USD billions
1,168
2010
1,104
2009
1,087
2008
2007
985
2012
27.1%
2011
27.1%
2010
26.8%
2009
26.8%
2008
2007
636
2013
2012
651
2012
654
2011
617
2010
571
2009
2008
548
502
622
596
2012
2011
584
2010
2009
552
532
538
2008
2007
483
25.7%
23.8%
7,831
7,619
7,492
2011
6,990
2010
2009
2008
2007
2013
27.3%
2013
2013
2007
Non-life mutual premiums
USD billions
1,238
2011
Mutual market share
2013
Mutual assets
USD billions
Mutual premiums
USD billions
Key figures at a glance
6,483
6,300
5,925
1. INTRODUCTION
In 2013, the uncertain economic environment continued to
challenge the global insurance industry. Since the onset of the
global financial crisis in 2007/2008, the industry has faced
volatile economic and market conditions, low investment
returns and historically low interest rates, as well as heightened
regulation and scrutiny from policymakers, especially in
recent years, which has led to a fundamental re-shaping of the
insurance sector.
Despite the challenging macroeconomic context, many
insurance markets recorded improved premium growth in 2013,
notably in Western Europe and emerging Asian economies.
In many other advanced markets, premium development was
weaker, resulting in a stagnation in overall global premium
growth. However, annual real growth rates1 of the insurance
sector in 2013 were positive for only the third year since the
crisis. As a result, global insurance premiums grew by a total of
11% in the period between 2007 and 2013.
In contrast to the global market trend, according to research
conducted by the International Cooperative and Mutual
Insurance Federation (ICMIF), mutual and cooperative insurers
collectively grew their premium income by 28% during the same
period. As a consequence of this, the global market share of the
mutual and cooperative insurance sector increased from 23.8%
in 2007 to a record high 27.3% in 2013. Growth in market share
by mutual and cooperative2 (hereafter referred to as “mutual”)
insurers was experienced in both the life and non-life sectors
since 2007. However, it has been a significant increase in mutual
insurers’ life business that contributed most to the overall
increase in the sector’s market share.
The significant increase in mutual market share since the start
of the global financial crisis highlights the strong benefits of the
mutual and cooperative business model. It can be argued that
the financial crisis led to a shift in consumers’ buying behaviour
relating to insurance and other financial products, and that the
growth of the mutual sector is a result of customers reacting
against the perceived culture of greed propagated by joint-stock
companies. The diminishing trust and disdain associated by
many with shareholder-owned financial service institutions has
led to many commentators observing a ‘flight to quality’ within
the insurance industry, most notably in life and investmentrelated products, with customers seeking to invest their
insurance premiums in a ‘safe’ and ‘trusted’ place.
This changing consumer behaviour has given the mutual
insurance model a competitive advantage against shareholderowned insurance companies. Mutual insurers tend to have a
greater level of trust and customer satisfaction associated with
them, as their intentions are closely aligned with that of the
policyholder (their members). They often prove to be more
resilient than shareholder-owned insurers due to links with
affinity groups and member-based organizations. The lower costs
traditionally associated with mutual insurers are transferred back
to the policyholder/member in the form of more competitive
prices, and unlike joint-stock companies, which are under
pressure to generate short-term profits for external shareholders,
mutual insurers benefit from a long-term perspective and can be
run to protect the interest of their businesses and customers. It
is therefore no surprise that some of the world’s oldest insurance
companies are mutuals or cooperatives, as this longevity
has helped build reputations of sustainability, solidarity and
reliability.
Whatever the reasons, in general, the mutual insurance sector
has consistently outperformed the rest of the overall insurance
sector since the global financial crisis, making the mutual sector
the fastest-growing part of the global insurance industry during
this period.
The latest edition of ICMIF’s Global 500 report is a definitive
list of the world’s 500 largest mutual and cooperative insurers,
referred to in the report as the Global 500, ranked by premium
income for 2013 year-end. This is the seventh edition of the
report, produced in conjunction with Global Mutual Market
Share, ICMIF’s annual market intelligence report on the size and
financial performance of the global mutual insurance sector.
As well as ranking the largest mutual insurers in the world,
including a detailed analysis of the 25 largest organizations,
this edition of the Global 500 report also highlights the fastestgrowing insurers in 2013; and, for the first time, includes an
analysis in terms of organizational structure and longevity of the
largest mutual insurance companies in the world.
The world’s 500 largest
mutual and cooperative
insurers collectively
wrote over USD 1.2
trillion in premium
income in 2013.
1
2
Swiss Re, sigma No.3/2014, World insurance in 2013, statistical appendix, update January 2015
See ‘Methodology and data’ (Page 25) for ICMIF’s definition of ‘mutual’ and ‘cooperative’ insurers.
GLOBAL 500 | 2013 | 1
2. THE GLOBAL 500 BY REGION
Figure 1
Regional split of the
Global 500 (2013)
Latin America
8
Asia & Oceania
63
Africa
5
Europe
205
The Global 500, the world’s 500 largest mutual insurance companies in terms of premium
income, collectively wrote over USD 1.2 trillion in insurance premiums in 2013,
representing 96% of the total global mutual sector. Aggregate premiums of the largest
mutual insurers increased by 4.2% from the previous year (2012: USD 1.16 trillion), with
robust premium growth in terms of both life (+3.7%) and non-life (+4.7%) business. Of the
500 largest mutuals 388 (or 78%) reported positive premium growth in 2013, more than
the 374 companies (then equivalent to 75%) reported in the previous year’s Global 500 list
(2012). More than 20% (110) of the largest mutuals registered double-digit growth in 2013
(compared to 121 companies in the 2012 edition of the report).
The majority of mutual insurers featured in the Global 500 for 2013 are from Europe and
North America, with 424 (equivalent to 85%) of organizations included in the list being
located in these two regions (see Figure 1). Just under 13% of companies (63) were located
in Asia and Oceania, though the region’s contribution to total premium income of Global
500 companies in 2013 was higher at 21% (see Figure 2).
North America
219
A total of 13 mutual insurers from emerging markets in Latin America and Africa were
amongst the 500 largest mutuals in the world. However, mutuals in these regions recorded
aggregate premium growth of 32% and 14% respectively in 2013 (compared to the average
Global 500 growth of 4.2%), and over half (seven) of these insurers were in the top 30
fastest-growing mutuals in 2013 (see Figure 12, page 15).
Figure 2
Regional premium income and growth of the Global 500
Region
Number of
organizations
Premium income (USD millions)
2013
2012
% growth
2012-2013
Europe
205 (41)
474,005
448,159
+5.8%
North America
219 (11)
474,405
453,147
+4.7%
Asia & Oceania
63 (17)
253,075
252,963
+0.0%
8 (7)
4,487
3,412
+31.5%
Latin America
Africa
Total
Source: ICMIF
5 (4)
834
733
+13.7%
500 (80)
1,206,806
1,158,415
+4.2%
Figures in brackets ( ) indicates the number of these companies that are ICMIF members
The USA was by far the most represented country in the Global 500 in 2013, with
over 40% (202) of mutuals featured located in the USA, including 10 of the 25 largest
insurers (see pages 6 to 13). France and Germany were the largest European markets in
terms of number of the world’s largest mutuals represented, with 52 and 35 companies
respectively. Of the French mutuals included, 23 were complimentary health mutuals
(known as “Mutuelles 45”), three more than in the previous year. Elsewhere in Europe,
there were numerous mutuals featured from the UK (21), Denmark (18), Spain (16)
and Netherlands (16), while mutuals from a further 12 European countries were also
included.
GLOBAL 500 | 2013 | 2
THE GLOBAL 500 BY REGION
Figure 3
Global Map of Global 500 (2013)
Number of Global 500 companies in each country
100+
30 to 99
20 to 29
10 to 19
5 to 9 1 to 4
Japan, Australia and Canada were the other three countries with more than 10 mutual
insurers in the Global 500 in 2013. A total of 26 mutuals from Japan (including four of
the 10 largest) and 21 from Australia were featured, and made up over 70% of all Asia
and Oceania insurers included. The Canadian mutual sector provided 16 of the largest
mutual insurers in the world in 2013.
The majority of countries represented in Latin American, African and other Asian
markets were only represented by one or two mutual insurers in 2013. The exceptions
to this were South Africa (with three mutuals), Malaysia (four mutuals) and the
Republic of Korea (five mutuals).
More than threequarters (388) of the
500 largest mutual
and cooperative
insurance companies
experienced a positive
premium growth in
2013 (compared to 374
in 2012).
GLOBAL 500 | 2013 | 3
3. THE GLOBAL 500 BY ORGANIZATIONAL STRUCTURE
Figure 4
Split of Global 500 by
organizational structure (2013)
14
13
14
343
17
31
5
The organizational type and structure of the world’s 500 largest mutual insurers
has been collected and analyzed for the first time in this year’s report. A range
of organization structures are classified as “mutual organizations” as per ICMIF’s
definition of “mutual” and “cooperative” (available in the “Methodology and data”
section of this report), with more than fifteen various forms of “mutual” insurer
included in the Global 500 data. The legal structure of insurance companies varies
across markets, and so, in this report, each company has been classified under the legal
form of its ultimate owner or parent organization3 (assuming a shareholding of 50% or
greater), so as to enable the classification of firms according to their cooperative/mutual
principles.
Almost 70% (343) of Global 500 organizations are structured as “mutual” insurance
companies (see Figure 4). Cooperative insurers represented a further 13% of the 500
organizations, resulting in over 400 insurers (or 81%) classified as either “mutual” or
“cooperative” insurers, which accounted for 84% of the collective premium income
of Global 500 insurers in 2013 (see Figure 5). Non-profit insurance companies made
up 6% of the Global 500 and 3% were structured as reciprocal insurers (also known as
exchanges), a form of non-profit insurance among subscribing members, mostly seen in
the USA.
63
Mutual
Cooperative
Non-profit
Reciprocal
Fraternal/friendly society
There were 14 insurers that were either fraternal benefit societies (commonly known
as ‘fraternals’) in the USA and Canada, or friendly societies in the UK and Australia.
This was one of the earliest form of mutual insurer, with many of the world’s oldest
“mutual” insurers still structured as fraternals or friendly societies (see chapter 4, page
5).
Thirteen P&I (protection and indemnity) clubs, mutual associations providing cover
for ships and marine vessels, and five Takaful insurers, providers of a sharia-compliant
insurance based on principles of mutuality and cooperation, are among the 500 largest
in 2013. Other forms of “mutual” insurers featured (14) included other forms of nonprofit organizations, or insurers owned by charitable organizations or foundations.
P&I club
Takaful
Other
Figure 5
Split of Global 500 by organizational structure and premium
income (2013)
Number of
organizations
% of total
Premiums
(USD millions)
343
68.6%
741,511
61.4%
Cooperative
63
12.6%
266,790
22.1%
Non-profit
31
6.2%
114,333
9.5%
Mutual
Reciprocal
17
3.4%
53,101
4.4%
Fraternal/friendly society
14
2.8%
14,851
1.2%
P&I club
13
2.6%
3,876
0.3%
Takaful
5
1.0%
1,981
0.2%
Other
14
2.8%
10,363
0.9%
500
100%
1,206,806
100%
Total
3
GLOBAL 500 | 2013 | 4
% of total
or example, registered stock insurance companies owned by mutual holding companies or by cooperative organizations (such as banks),
F
are classified, in these instances, as “mutual” and “cooperative” respectively.
4.
THE GLOBAL 500 BY COMPANY LONGEVITY
The Global 500 list in this year’s report also includes the date each mutual organization
was founded, as a method of analyzing the company longevity4 (i.e. the age or
number of years in business) of the world’s 500 largest mutual insurers. This research
reinforces the theory that mutual and cooperative insurers are closely associated with
sustainability, solidarity and reliability.
43% of Global 500
insurers have been
writing insurance
business for 100 years
or more.
Our analysis shows that Global 500 companies have been writing business for, on
average, 93 years each. Furthermore, 214 (equivalent to 43%) of the world’s largest
mutual insurance organizations5 have been in operation for 100 years or more6; 64 (or
13%) have been in business for 150 years or more; and nine companies (2%) were over
200 years old (see Figure 6). More than 20% of Global 500 companies were founded
between 1891 and 1915 and have therefore been in business between 100 and 124
years.
However, it was not just some of the world’s oldest insurance companies which featured
among the largest mutual insurers in 2013: 37 of the Global 500 companies have
been in business for under 25 years. In fact, many of the youngest mutual insurers
were among the fastest-growing in 2013, with nine of the 30 fastest-growing mutuals
founded less than 25 years ago (see Figure 13, page 15).
In terms of organizational structure, the majority (80%) of the 214 companies which
have been conducting business for over 100 years were “mutual” insurers. The average
age of mutual insurers featured in the Global 500 was 100 years old. Friendly societies
and fraternals were amongst the oldest companies, with an average age of 136 and 125
years respectively. In comparison, cooperative (67 years) and non-profit (63) insurers
were a relatively newer model of mutual business. Takaful insurance was by far the
youngest form of insurance, as the five Takaful insurers featured in the Global 500 had
an average age of just 22 years.
Figure 6
Longevity of Global 500* organizations (number of years in business)
120
120
101
100
100
90
80
80
77
Number of organizations
74
60
60
49
40
40
37
30
25
20
20
6
3
0
0+
25
20
0t
o
24
9
19
9
o
5t
17
15
0t
o
17
4
14
9
12
5t
o
12
4
10
0t
o
99
o
75
t
50
to
49
25
to
25
th
an
ss
Le
74
0
*Note that longevity data was unknown for eight of the Global 500 organizations
4
Please note that the term “longevity” in this report refers to how long (the number of years) mutuals have been writing insurance business,
rather than a term relating to the potential risk associated with life insurance or annuity contracts.
5
No information on the date founded was available for eight of the Global 500 insurers. See ‘Methodology and Data’ (Page 25) for more
information.
6
As at time of publication, April 2015.
GLOBAL 500 | 2013 | 5
5. THE 25 LARGEST MUTUAL INSURERS
The 25 largest mutual insurance companies represented 58% of the total premium income of the Global 500 in 2013. Of these 25
mutuals, 10 were from the USA, four from Japan and 11 from Europe (including four from France and three from Germany). Over
70% (18) of the largest mutual insurers registered a positive premium growth in 2013 from the previous year, with six reporting
double-digit growth.
Total premiums 2013: USD 71,244
million (+12.2% growth from 2012)
Total assets 2013: USD 506,008
million (+6.4%)
Staff 2013: 6,254 (2012: 6,246)
Structure: Cooperative
Year founded: 1951
Market(s) active: Japan
ICMIF member since: 1964
CEO: Tamotsu Shozui (since July 2014)
Zenkyoren is responsible for the
JA (Japan Agricultural Cooperatives)
Group’s agricultural cooperative
insurance business, and provides a
wide range of comprehensive life and
non-life insurance through its societies
(agricultural cooperatives) to enhance
agricultural operations and improve
the standard of living among farmers
in Japan.
Sales of whole life insurance continued
to grow strongly in 2013, and were the
main driver for the impressive overall
premium growth from the previous
year. Premium volumes in endowment
and (retirement) pension insurance
fell for the third consecutive year,
although at a slower pace in 2013 than
previous years. Building endowment
insurance remained stable in 2013,
while there was a robust increase in
sales of motor policies.
2
Total premiums: USD 58,728
million (+4.3%)
Life premiums: n/a
Non-life premiums: USD 58,728
million (+4.3%)
Total assets: USD 61,058 million
(+7.4%)
Staff: n/a
Structure: Non-profit
Year founded: 1945
Market(s) active: USA
CEO: Bernard J. Tyson
Figure 7
State Farm’s premium income (2008-2013)
62,000
Kaiser Permanente’s headquarters, One Kaiser Plaza in
California, USA.
60,000
58,000
56,000
54,000
52,000
2008
2009
2010
2011
2012
2013
State Farm wrote over USD 60 billion
in direct business for the first time in
2013 (see Figure 7), following a 4.6%
premium growth from the previous
year. The group recorded accelerated
growth in its two largest lines of
business in 2013, motor (+4.6%) and
homeowners (+4.7%), compared to
a 2012 growth of 1.9% and 2.6%
respectively. In life business, growth in
2013 was supported by a 40% increase
in individual annuity contributions
(reversing a 14% decline in 2012).
7
In January 2015, State Farm completed the sale of its Canadian
business to Desjardins Group (ranked 41 in the Global 500).
GLOBAL 500 | 2013 | 6
3
Kaiser Permanente
(USA)
Originally a single line motor
insurance company, State Farm now
offers nearly 100 products and services
in five different lines of business:
non-life insurance, life and health
insurance, annuities, mutual funds
and banking products. It is the largest
non-life insurance company in the
USA in terms of premium income, the
second largest in terms of admitted
assets, and insures more cars and
homes than any other insurer in the
USA.
50,000
Mr Tamotsu Shozui, President of the Board of
Directors, Zenkyoren
State Farm (USA)
million (+4.6%)
Life premiums: USD 4,961 million
(+7.2%)
million (+4.4%)
(+9.1%)
Staff: 68,010 (2012: 65,395)
Structure: Mutual
Year founded: 1922
Market(s) active: USA, Canada7
CEO: Edward Rust
Direct written premiums (USD millions)
1
Zenkyoren (Japan)
Kaiser Permanente is a non-profit
healthcare organization serving 9.6
million members across eight states
in the US (with almost 7.5 million
members in California alone). It
provides prepaid health plans that
spread the cost of healthcare to make it
more affordable for its members.
Comprehensive hospital and medical
plans, which accounted for over
70% of Kaiser’s premiums, grew by
4% in 2013. In other lines of health
business, Title 18 Medicare, a specialist
insurance policy for the elderly and
those with permanent disabilities,
experienced another year of strong
growth in 2013, with a 5% increase
(2012: +9.6%) in premium income.
THE 25 LARGEST MUTUAL INSURERS
4
Nippon Life (Japan)
million (-0.5%)
(-0.5%)
Non-life premiums: n/a
(+7.6%)
Staff: 72,832 (2012: 72,522)
Structure: Mutual
Year founded: 1889
CEO: Yoshinobu Tsutsui
Founded in 1889, Nippon Life was
the second largest life insurer in Japan
in terms of premium income in 2013,
with a range of individual and group
life and pension insurance products
offered through a multi-channel
distribution network.
Individual insurance premiums
grew by over 10% for the second
successive year in 2013, primarily
due to continued demand for singlepayment whole life cover resulting
in a 35% increase in single-premium
business (2012: +49%). However, this
was not enough to offset declines in
individual (-13%) and group annuities
(-18%) business, which contributed
to an overall slight drop in premium
volumes.
5
Meiji Yasuda Life
(Japan)
million (-29.4%)
(-29.4%)
(+11.2%)
Staff: 37,500 (2012: 38,000)
Structure: Mutual
Year founded: 1881
Market(s) active: Japan, USA,
Indonesia, China, Poland
CEO: Kenji Matsuo
Premium volumes fell by almost 30%
in 2013, following record growth
in 2012 (+31%) and positive growth
in each of the previous four years.
Individual life insurance premiums
normalized in 2013, declining by 43%
from 2012, on the back of annual
increases of more than 50% in the
previous two years. Growth in other
lines of business was more consistent
with recent trends, with a 6% rise in
group pension premiums.
6
Crédit Agricole
Assurances (France)
million (+13.6%)
(+15.3%)
million (+4.1%)
(+5.5%)
Staff: 3,500 (2012: 3,600)
Year founded: 1894 (first insurance
subsidiary set up in 1986)
Market(s) active: France, Italy,
Luxembourg, Portugal, Poland, Greece,
Japan
CEO: Jérôme Grivet
Owned by 39 French cooperative
banks, the insurance arm of Crédit
Agricole offers a range of life, nonlife and health/creditor insurance to
customers in France and abroad. It is
ranked as the third largest insurer in
France, and the leading bancassurer in
terms of premium revenue.
Crédit Agricole Assurances reversed
two years of premium decline with
a 14% growth in total premiums in
2013. French life premiums recovered,
growing by 15% from the previous
year (2012: -11%). Overall life premium
growth was supported by a 20%
increase in international business.
Non-life business in France increased
by 6%, with a small decline (-3%)
in creditor insurance written in the
French and overseas markets.
Jérome Grivet, CEO, Crédit Agricole Assurances
7
Sumitomo Life (Japan)
million (+21.2%)
(+21.2%)
(+10.5%)
Staff: 42,098 (2012: 42,953)
Structure: Mutual
Year founded: 1907
CEO: Yoshio Sato
As one of the oldest life insurance
companies in Japan, Sumitomo Life
provides individual life, annuities and
group insurance, as well as nursing
care, medical insurance and retirement
planning as part of its multi-product
strategy.
Impressive premium growth in
2013 was driven by a rebound in
new business in individual life and
annuities levels, with a 25% increase
in annualized premiums (2012: -22%).
High level of sales were achieved
in both single-premium whole life
products sold through bancassurance
channels and savings-type products
sold through sales representatives.
Meiji Yasuda Life is the oldest life
insurance company in Japan, founded
in 1881. With 74 regional offices
across Japan, Meiji Yasuda also has
overseas subsidiaries and affiliates in
12 countries.
GLOBAL 500 | 2013 | 7
8
Market(s) active: Spain, Brazil,
USA, Venezuela, Mexico, Colombia,
Argentina, Chile, Turkey, Peru, Puerto
Rico, Portugal, Malta, Ecuador,
Philippines, Uruguay, Guatemala,
Canada, Ireland
CEO: Antonio Huertas Mejias
Liberty Mutual (USA)
million (+4.9%)
(+15.5%)
million (+4.1%)
(+5.0%)
Staff: Approx. 50,000 (2013)
Structure: Mutual
Year founded: 1912
Market(s) active: USA, Venezuela,
UK, Spain, Brazil, Colombia, Portugal,
Chile, Ireland, Argentina, Canada,
France, Thailand, China, Singapore,
Ecuador, Turkey, Russia, Hong Kong
CEO: David Long
Liberty Mutual is the third largest
non-life insurer in the USA (and fifth
largest in the world), offering motor,
personal and commercial property, life
and annuities, and other types of nonlife insurance. It also provides a range
of insurance products to individuals
and businesses through local insurance
companies operating in 17 overseas
countries across three continents.
In 2013, growth was generated by
personal lines of business, including
homeowners (+13.2%) and personal
motor liability (+8.2%). This
compensated for a reduction in
premium revenue in most lines of
commercial business, notably a 4% fall
in commercial motor and 16% drop
in workers’ compensation. Another
year of double-digit growth in the
life segment was largely due to a 55%
increase in individual annuities.
9
Nationwide (USA)
million (+8.9%)
(+13.2%)
million (+6.1%)
(+10.3%)
Staff: 31,657 (2012: 32,096)
Structure: Mutual
Year founded: 1926
Market(s) active: USA, Canada
CEO: Steve Rasmussen
GLOBAL 500 | 2013 | 8
Steve Rasmussen, CEO, Nationwide
Over the last 85 years, Nationwide
has grown from a small mutual motor
insurer owned by policyholders (and
sponsored by Farm Bureaus) to one
of the largest insurance and financial
services companies in the world. It is
ranked in the top 10 of US insurers
in terms of both life and commercial
insurance premiums, and offers a
range of insurances through a variety
of different brands.
The group returned to positive growth
in 2013 (+8.9%) following a slight
decline in premium levels in 2012
(-0.3%). Life business saw the strongest
growth, especially in individual
annuity business (18% increase in 2013
compared to a 28% decrease in 2012).
Non-life premiums performed
well across most major lines, with
accelerated growth in both personal
(+5.0%) and commercial (+10.3%)
property business. Liability lines also
recorded an impressive 12% rise in
revenues from the previous year.
10
Multinational insurance group
MAPFRE engages in (re)insurance
activities in 47 countries, serving 23
million clients. It is the largest insurer
in Spain, one of the largest 10 insurers
in Europe and the third largest
insurance company in Latin America
(ranked number one in non-life
business with a regional market share
of 9.5%).
Difficult economic conditions in
the Spanish market resulted in a 9%
decline in domestic business in 2013,
and particularly impacted life savings
contributions (-21%). A 5% growth in
international business offset this, with
72% of MAPFRE’s premiums generated
from overseas markets. In Latin
American markets, which contributed
40% of total business volumes,
premium growth in 2013 slowed from
the previous year, as only 10 of the
18 markets with a MAPFRE presence
experienced a growth in premium
volumes (see Figure 8), compared to 16
in the previous year.
Figure 8
MAPFRE’s premium growth in Latin
American countries (2012-2013)
MAPFRE (Spain)
million (+1.2%)
(-9.0%)
million (+4.8%)
(-0.3%)
Staff: 36,280 (2012: 35,586)
Structure: Stock company majority
owned by a non-profit foundation
Year founded: 1933
% premium growth
2012-2013
>20%
10-20%
0-10%
0 to -10%
11
Achmea
(The Netherlands)
million (-1.0%)
(-12.1%)
million (+1.0%)
(-0.6%)
Staff: 18,424 (2012: 18,905)
Structure: Stock company owned
by a non-profit foundation and
cooperative businesses
Year founded: 1811
Market(s) active: Netherlands,
Ireland, Greece, Turkey, Russia8,
Slovakia, Bulgaria8
CEO: Willem van Duin
Founded by local farmers in 1811
as one of the first mutual insurance
companies in the Netherlands,
Achmea is today the largest Dutch
insurer and the largest European
non-life mutual. It is the market leader
in the domestic health and property
and casualty markets, holding a
market share in 2013 of 32% and 20%
respectively (see Figure 9).
There was little change in premium
volumes in 2013, as moderate growth
in the largest lines of non-life business
(basic health, property and casualty)
countered severe declines in life and
pension premiums. Individual life
premiums suffered the most, with a
17% decline from the previous year
due to the continued competition from
bank savings products.
12
New York Life
(USA)
million (+6.5%)
(+6.5%)
(+6.1%)
Staff: 11,166 (2012: 13,658)
Structure: Mutual
Year founded: 1845
Market(s) active: USA, China
CEO: Ted Mathas
As the largest mutual life insurer in the
USA, New York Life is also ranked as
the seventh largest US life insurance
company by premium income, and the
sixth largest in terms of total assets.
Founded in 1845, the company offers
a range of life insurance, retirement
income, investments and long-term
care insurance.
Renewed growth in individual business
resulted in an overall 6.5% growth in
2013, compared to a 5.5% decline in
premium levels in the previous year.
Ordinary life premiums grew by 4.0%
in 2013 (2012: -9.0%), although it was
individual annuities, with a 26.7%
increase (2012: -6.6%) that were the
largest contributor to growth.
Figure 9
Achmea’s market share in Dutch market by line of business (2012-2013)
35%
35%
32%
33%
2013
2012
Market share of the total Dutch market
30%
30%
25%
25%
20%
20%
20%
15%
15%
14%
19%
18%
19%
14%
13%
12%
10%
10%
5%
5%
8
Achmea completed the sale of its Russian business in September
2014 and Bulgarian business in January 2014.
I
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13
Unipol (Italy)
million (+42.5%)
(+53.7%)
million (+35.7%)
(+4.4%)
Staff: 15,230 (2012: 12,125)
Structure: Stock company majorityowned by cooperative movement
Year founded: 1963
Market(s) active: Italy
President: Pierluigi Stefanini
CEO: Carlo Cimbri
Pierluigi Stefanini, President, Unipol
Unipol is an insurance, banking and
financial group serving more than 16
million customers throughout Italy
and it is one of the leading insurance
groups in Europe. Its holding company,
Unipol Gruppo Finanziario - although
listed on the Italian Stock Exchange is strictly controlled by companies in
the cooperative movement belonging
to Legacoop (the biggest Italian
cooperative federation).
Unipol adopts an integrated offer
strategy and provides a complete range
of insurance and financial products,
operating primarily through its
subsidiary UnipolSai Assicurazioni,
founded at the beginning of 2014.
UnipolSai is the second largest insurer
in Italy and is the leader in nonlife business, in particular in motor
liability insurance.
The group is also active in
direct vehicle insurance (Linear
Assicurazioni), healthcare (UniSalute),
supplementary pension schemes
and has a strong presence in the
bancassurance channel (Arca Vita
Group and Popolare Vita Group).
GLOBAL 500 | 2013 | 9
14
Figure 10
Covéa (France)
million (+5.3%)
(+11.7%)
million (+2.7%)
(+4.2%)
Staff: 23,183 (2012: 23.323)
Structure: Mutual Insurance
Group (Société de groupe d’assurance
mutuelle or SGAM)
Year founded: The SGAM was
formed in 2003 and consists of
affiliated members MAAF (founded
1951), MMA (founded in 1828) and
GMF (founded in 1934)
Market(s) active: France, UK, Italy,
Luxembourg
CEO: Thierry Derez
Covéa is the largest property and
liability insurer in France and serves
over 11 million policyholders. As the
largest SGAM in the French market,
the group is also the second largest
mutual in Europe in terms of non-life
premium income.
2013 saw a recovery in life premium
volumes, with an overall growth of
12% (2012: -3.6%). Protection and
health business grew by almost 20%
from the previous year, and savings
premiums increased by 4%, reversing
the significant premium decline (-19%)
seen in 2012.
International business was again a
major contributor to growth, recording
a 17% rise in 2013, the majority of
which came from Italian subsidiaries
(+43%). Most other lines of French
business (see Figure 10) also reported
premium increases from the previous
year.
Covéa’s premium income in French
market by line of business (2013)
Legal
Other
protection 0.6
0.3
Protection and
health 2.6
Private risk
2.3
Savings
4.7
Professional
business risk
3.2
Motor 4.6
16
Farmers Insurance
Group (USA)
million (-0.2%)
Life premiums: USD 923 million
(-1.3%)
million (-0.1%)
(+0.4%)
Staff: Approx. 24,000 (2013)
Structure: Reciprocal
Year founded: 1928
CEO: Jeff Dailey
Figures in USD millions
15
MassMutual
Financial (USA)
Total premiums: USD 19,791 million
(-8.0%)
(-8.0%)
(+16.4%)
Staff: Approx. 9,500 (2013)
Structure: Mutual
Year founded: 1851
Market(s) active: USA, Hong Kong,
China
CEO: Roger Crandall
Founded in 1851, MassMutual
Financial provides a range of life,
disability income, long term care,
retirement plans and annuities.
Although whole life insurance is the
mutual’s core product line, it became
one of the 10 largest providers of
retirement services in the USA with
the acquisition of The Hartford’s
Retirement Plans business (completed
in January 2013).
Overall premium volumes declined
in 2013, following record growth in
the previous year. Despite the eighth
consecutive year of record whole life
sales in 2013, and a 57% increase in
individual annuities, group annuity
business fell by 27% from record levels
in 2012 (+81%).
The Farmers Insurance Group
is made up of three inter-insurance
exchanges owned by their
policyholders. It offers (through
around 50 subsidiary companies)
homeowner, motor and commercial
insurance and other financial services
throughout the USA, with more than
20 million individual policies in force.
The group’s premium volumes saw
little change in 2013. Premium growth
of 4% in homeowner and commercial
property lines was cancelled out by
a 4% decrease in motor business,
the group’s largest line of business.
Workers’ compensation premiums
fell by 7.3% in 2013, although this
gave little contribution to the overall
growth due to the small proportion of
business written in this line.
17
Northwestern
Mutual (USA)
million (+7.2%)
(+7.2%)
(+7.2%)
Staff: 5,045 (2012: 4,825)
Structure: Mutual
Year founded: 1857
CEO: John Schlifske
Northwestern Mutual delivers
financial security to more than 4.3
million people in the US through a
range of life insurance and investment
products and services.
GLOBAL 500 | 2013 | 10
It is the 15th largest life insurer in
the USA (in terms of direct premium
income) and the largest provider of
individual life insurance, with more
than USD 1.5 trillion worth of life
insurance protection in force.
A 4% increase in individual life
premiums supported overall growth
for Northwestern Mutual in 2013, with
76% of the mutual’s total premiums
were derived from this line of business.
Individual annuities were also a key
driver of growth, with an increase of
nearly 40% in premium volumes from
the previous year.
In 2013, non-life premiums grew by
9.6% for the second successive year.
Motor premiums increased (just
under +9%) for the second year, and
homeowner business continued with
another year of double-digit growth
(+12.2%). However, it was the upturn
in the life segment that resulted in
stronger growth for the group in
2013, underpinned by an increase in
individual annuities, up by 7% from
the previous year.
19
R+V Versicherung
(Germany)
million (+5.9%)
(+8.7%)
million (+2.8%)
(+5.6%)
Staff: 14,505 (2012: 14,051)
Year founded: 1922
Market(s) active: Germany,
Luxembourg
CEO: Friedrich Caspers
John Schlifske, Chairman and CEO, Northwestern Mutual
18
USAA Group
(USA)
million (+9.1%)
(+6.0%)
million (+9.6%)
(+9.4%)
Staff: 25,800 (2012: 24,700)
Structure: Reciprocal
Year founded: 1922
Market(s) active: USA, UK
CEO: Josue Robles
The United States Automobile
Association (or USAA Group)
provides a diversified range of non-life
insurance, life insurance, annuities,
investments and banking products to
members of the US military and their
families. The ‘military mutual’ serves
over 10 million members and is one
of the few fully integrated financial
services companies in the USA.
It also reported above market average
growth in both life/health and nonlife insurance for the second successive
year in 2013.
In the life sector, growth was
stimulated by a 14% increase in health
business. Individual policies remained
strong for the second year, with a
5% increase from 2012. Liability and
property lines again experienced solid
premium expansion in 2013, which
offset a 15% fall in accident premiums
and a slowdown in motor business
growth from the previous year.
20
HDI (Germany)
million (+13.9%)
(+20.8%)
million (+11.1%)
(+5.2%)
Staff: 7,293 (2012: 7,186)
Structure: Mutual
Year founded: 1903
Market(s) active: Germany,
Brazil, Italy, Poland, Netherlands,
USA, Turkey, Austria, Mexico,
Spain, Argentina, Chile, Australia,
Hong Kong, South Africa, Czech
Republic, Bulgaria, Uruguay, Slovakia,
Luxembourg, Singapore.
CEO: Herbert Haas
The HDI group provides primary life
and non-life insurance, reinsurance
and financial services in Germany and
numerous other markets worldwide.
It is wholly-owned by Talanx AG, a
holding group which is 82%-owned
by HDI V.a.G. (a mutual insurance
company).
Friedrich Caspers, CEO, R+V Versicherung
The R+V Group was founded by
the German cooperative movement
and is still owned by German
cooperative banks today. With over
22 million policies, it serves almost
8 million clients of the cooperative
banking sector and other cooperative
organizations in Germany.
R+V is the fourth largest insurance
group in Germany, and it maintained
its position as one of the largest mutual
insurers in Europe in 2013, in terms
of both life and non-life business.
In the German market, non-life
premiums increased by 6%, largely
driven by industrial lines. Life business
fell by 1.5% as a small increase in
group business was not enough
to compensate for the decline in
individual life and pension premiums.
The strong growth of HDI in 2013
was attributed to an expansion in
overseas markets, as international
business grew by 41% (compared to
a 3% overall growth in its domestic
market). The highest growth was seen
by HDI-owned subsidiaries in Mexico
and Poland.
GLOBAL 500 | 2013 | 11
21
Groupama
(France)
million (-5.6%)
(-8.7%)
million (-2.3%)
(+3.9%)
Staff: 15,054 (2012: 16,076)
Structure: Mutual
Year founded: 1900
Market(s) active: France, Italy,
Turkey, Hungary, China, Romania,
Greece, Portugal, Bulgaria, Singapore
CEO: Thierry Martel
Founded as an agricultural insurer in
1900, Groupama has expanded to
offer a range of property and liability,
personal lines, banking and employee
saving plans, and other financial
products to its customers in France and
worldwide.
Groupama remained the seventh
largest French insurer (and fifth largest
non-life insurer) in 2013, despite
a 6.5% drop in domestic premium
income, largely due to an 18% decrease
in retirement savings contributions.
International business also fell in 2013
(-2.9%), although at a slower rate than
in 2012 (-3.8%). Premium volumes
of Groupama’s subsidiary insurers in
Italy, Greece and Portugal suffered
in 2013, although there was an 18%
growth in its Turkish business.
22
TIAA Group
(USA)
million (+22.3%)
(+22.3%)
(+6.5%)
Staff: 8,260 (2012: 7,699)
Structure: Non-profit
Year founded: 1918
CEO: Roger Ferguson
23
Debeka Versichern
(Germany)
million (+2.9%)
(+2.7%)
Non-life premiums: USD 944
million (+5.9%)
(+7.1%)
Staff: 16,905 (2012: 16,713)
Structure: Mutual
Year founded: 1905
Market(s) active: Germany
CEO: Uwe Laue
The TIAA Group is a leading
retirement services provider for
teachers, professors and people who
work in academic, medical and
research fields. Founded in 1918 as
the Teachers Insurance and Annuity
Association of America (TIAA), the
group now serves 5 million individuals
overall and 3.7 million clients in
institutional retirement plans.
TIAA is the seventh largest insurer in
the whole of the US market in terms
of total assets held, and the largest
mutual in term of admitted assets
(2013). It was also one of the fastestgrowing US mutual insurers in 2013
with a 22% increase in premium
income from the previous year. The
group reversed the trend experienced
in the rest of the US annuity market
and posted more than 20% growth in
both individual and group annuities.
Uwe Laue, CEO, Debeka Versichern
Founded in 1905, Debeka
Versichern has evolved from a pure
health insurer serving civil servants to
one of the largest German insurance
groups. Today, it is Germany’s largest
private health insurer (with over 4.6
million contracts), and offers a range
of life, pension and non-life insurance
to its 6.8 million members/customers.
Over 90% of Debeka’s premium
income in 2013 was derived from the
life and health sectors. Traditional
life premiums grew by 4% from the
previous year, although growth in
health business, which made up over
half of Debeka’s insurance portfolio,
slowed to 1.8% in 2013. Non-life
premiums grew by 6%, supported by a
9% increase in motor business.
Thierry Martel, CEO, Groupama
GLOBAL 500 | 2013 | 12
24
AG2R La Mondiale
(France)
million (+9.2%)
(+9.9%)
million (+6.9%)
(+9.8%)
Staff: 7,828 (2012: 7,751)
Structure: Mutual Insurance Group
(SGAM)
Year founded: The SGAM was
formed in 2008 and consists of
affiliated members9 La Mondiale
(founded in 1905) and AG2R (founded
in 1951).
Market(s) active: France,
Luxembourg
CEO: André Renaudin
25
million (-4.4%)
(-8.3%)
million (-1.0%)
(-0.8%)
Staff: 24,902 (2012: 24,086)
Structure: Mutual
Year founded: 1824
Market(s) active: Austria, Czech
Republic, Poland, Romania, Hungary,
Turkey, Bulgaria, Liechtenstein,
Croatia, Ukraine, Serbia, Estonia,
Lithuania, Latvia
CEO: Peter Hagen
In 2013, VIG had a market share of
18.2% in its 10 core European markets
(see Figure 12) and ranked as the
number one insurer in these markets.
Premiums fell by 4% in 2013 across
the group, with declines in premium
volumes in Austria, Poland and Czech
Republic. However, VIG performed
better in some of the smaller markets
it operates in, reporting double-digit
business growth in Serbia (+18%) and
Hungary (+15%).
Vienna Insurance Group (VIG) is
one of the leading insurance groups
in Austria and Central and Eastern
Europe (CEE), with 50 insurance
companies operating across 25
countries in the region. Its roots date
back to 1824, when the oldest of the
three companies that form mutual
group Wiener Städtische were founded.
As the second largest Mutual Insurance
Group (SGAM) in France, AG2R La
Mondiale insures 9 million people
and is one of the five largest group
life and group health insurers in the
French market.
A second successive year of increased
sales of savings products (2013:
+21.5%; 2012: +12%) drove the overall
premium growth of AG2R La Mondiale
in 2013. The group’s Luxembourgbased subsidiary also grew strongly
(+51%) and completed the acquisition
of MassMutual Europe (a subsidiary of
MassMutual Financial) in 2013.
Figure 12
VIG’s market share in its 10 core markets (2013)
34.5%
35%
33.1%
30%
23.9%
25%
Market share
Other lines of business also performed
well in 2013, including protection and
health business, which grew by 3%
and 7% respectively, and offset a 10%
premium decline in complementary
retirement provision insurance.
Today, Wiener Städtische owns
approximately 70% of VIG, with the
some of the remaining 30% of shares
listed on the Vienna Stock Exchange
(since 1994).
Vienna Insurance
Group (Austria)
19.8%
20%
14.0%
15%
10%
8.9%
7.6%
8.2%
6.1%
5%
2.9%
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9
In January 2015, it was announced that French health insurers
Réunica and Via Santé would join the SGAM AG2R La Mondiale.
GLOBAL 500 | 2013 | 13
6.
FASTEST-GROWING
MUTUAL INSURERS
4. Fastest-growing
mutual insurers
The 30 fastest-growing mutual insurers within the Global 500 all posted premium
growth of more than 20% in 2013 (see Figure 12). Mutuals from 14 different markets
are featured among the fastest-growing in 2013, across five regions. In total, 14
European mutuals are included, seven from North America, five from Latin America,
and two each from Asia and Africa. Of the 30 fastest-growing, 21 mutual insurers were
from developed markets, and nine were from developing markets10. In terms of country
representation, the USA was the leading market with seven mutuals featured, followed
by France with five and Spain and Argentina with four each.
The majority of the fastest-growing mutual insurers in 2013 were either non-life
insurers (12) or composite insurers (13) – although over half (8) of the composite
insurers featured held a higher proportion of non-life business than life. The remaining
five companies were pure life insurance companies. Nine of the mutuals featured wrote
more than USD 1 billion in insurance premiums in 2013, and two were among the
largest 25 mutuals featured in the Global 500: Unipol, which appears as one of the
fastest-growing mutuals for the second successive year (ranked 13th in 2013) and TIAA
Group (ranked 22nd).
GuideOne Insurance, a US church insurer, was the fastest-growing mutual in 2013:
it doubled its premium income in 2013 (moving from a Global 500 ranking in 2012
of 218 to 134 in 2013). It saw a significant growth in commercial lines, especially
multi-peril and allied lines, resulting from the opening of a new excess and surplus
lines (E&S) platform and a new crop insurance program in 2012. Two Spanish mutuals
were ranked as the second and third fastest-growing companies in 2013. Occupational
pension fund Baskepensiones EPSV grew by 83% due to a merger with two other
Spanish pension funds in 2013, and medical professionals’ insurer Mutual Médica
entered the Global 500 for the first time in 2013 following a 59% premium growth,
attributed to a 72% increase in life business.
In the USA, Goodville Mutual grew as a result of an affiliation with another US
mutual (German Mutual), with an increase in the number of new policyholders. PURE
Group of Insurance Companies featured as one of the Global 500’s fastest-growing
mutuals for the fourth consecutive year in 2013, as the newly-formed mutual (founded
in 2007) continued its expansion across new US state markets. A growth in workers’
compensation business contributed to record growth for State Compensation
Insurance Fund (+23%) and Missouri Employers Mutual (+22%). Similarly,
Builders Mutual, a provider of specialist insurance for the building industry,
recorded a 23% increase in workers’ compensation premiums, its largest line of business
making up over 70% of its portfolio in 2013.
China’s only locally-owned mutual insurance company, Sunlight Agricultural
Mutual, was again one of the fastest-growing mutuals in 2013, reporting a premium
growth of 22% (2012: +34%). ICMIF member CIC Insurance Group, Kenya, also
appears as one of the fastest-growing mutuals for the second year running following
its first appearance in the Global 500 in 2012 (ranked 432 in 2013). Korean insurer
NongHyup Property & Casualty, and Argentinian insurers San Cristobal and
La Segunda (all ICMIF members) appear for the third consecutive year, while it is the
fourth year that Seguros Rivadavia has been one of the fastest-growing mutuals and
its Global 500 ranking has risen from 378 in 2010 to 294 in 2013.
In total, 13 ICMIF members appear among the fastest-growing mutuals in 2013,
compared to 11 in the previous year’s edition and 10 in 2011. Of the 80 ICMIF members
which appear in the Global 500 in 2013, 80% (or 64) recorded positive premium growth
from the previous year, with almost a third (26) of these experiencing a double-digit
increase in business volumes from the previous year.
10
Developed and developing countries defined as by the World Bank.
GLOBAL 500 | 2012 | 14
FASTEST-GROWING MUTUAL INSURERS
Figure 12
The 30 fastest-growing mutual insurers (2012-2013)
Premium
rank 2013
Premium
rank 2012
Company
Country
Total premiums (USD ‘000)
2013
134
218
GuideOne Insurance
USA
272
357
Baskepensiones EPSV
Spain
466
new
Mutual Médica
Spain
98
123
NongHyup Property & Casualty
Republic of Korea
433
499
Goodville Mutual
USA
111
134
MUTEX
France
326
374
PURE Group of Insurance Companies
USA
359
419
Mutuelle UMC
France
13
18
Unipol
Italy
22,142,245
2012
% growth
1,138,555
544,137
+109.2%
357,548
195,321
+83.1%
106,029
66,698
+59.0%
2,001,946
1,336,342
+49.8%
127,107
86,451
+47.0%
1,652,701
1,131,697
+46.0%
251,294
174,243
+44.2%
200,638
139,843
+43.5%
15,536,875
+42.5%
160
207
San Cristobal Seguros
Argentina
814,671
575,908
+41.5%
292
343
Mutuelle Bleue
France
300,130
212,406
+41.3%
294
345
Seguros Rivadavia
Argentina
295,800
212,101
+39.5%
193
233
La Segunda
Argentina
647,376
468,576
+38.2%
118
137
Grupo Sancor Seguros
Argentina
1,472,527
1,083,031
+36.0%
51
60
Natixis Assurances
France
5,180,434
3,821,430
+35.6%
461
new
Sp-Henkivakuutus Oy
Finland
110,223
82,701
+33.3%
314
351
Previsión Sanitaria Nacional
Spain
269,153
204,119
+31.9%
(1)
182
219
Seguros Unimed
Brazil
697,968
539,522
+29.4%
306
338
Magyar Posta Biztosító
Hungary
278,693
218,062
+27.8%
214
240
Mutualidad de la Abogacía
Spain
547,015
432,605
+26.4%
157
188
Le Conservateur
France
835,045
662,734
+26.0%
500
new
TUW SKOK
Poland
85,318
68,991
+23.7%
1,112,518
903,787
+23.1%
128,432
104,613
+22.8%
136
149
State Compensation Insurance Fund
USA
432
468
CIC Insurance Group
Kenya
63
73
Die Continentale
Germany
3,884,784
3,172,979
+22.4%
22
25
TIAA Group
USA
13,193,714
10,785,006
+22.3%
390
426
Missouri Employers Mutual
USA
166,965
136,517
+22.3%
358
384
Builders Mutual
USA
200,786
164,422
+22.1%
240
269
Sunlight Agricultural Mutual
China
447,916
367,279
+22.0%
443
481
CNMA
Algeria
120,833
99,115
+21.9%
Source: ICMIF
ICMIF members highlighted in orange
(1) Formerly Duo Life Insurance Co
A record number (80)
of ICMIF members are
among the 500 largest
mutual insurers in the
world in 2013.
GLOBAL 500 | 2013 | 15
Global 500 for 2013
ICMIF
Member
Year
Founded
2013 premiums (USD ‘000)
% growth
2012-2013
2013
Rank
2012
Rank
Company
1
1
Zenkyoren
Japan
Cooperative
1951
71,243,828
51,410,854
19,832,974
2
2
State Farm
USA
Mutual
1922
60,955,711
4,961,465
55,994,246
+4.6%
3
3
Kaiser Permanente
USA
Non-profit
1945
58,728,239
-
58,728,239
+4.3%
4
4
Nippon Life
Japan
Mutual
1889
53,325,700
53,325,700
-
-0.5%
5
5
Meiji Yasuda Life
Japan
Mutual
1881
36,520,696
36,520,696
-
-29.4%
Country
P
Structure
Total
Life
Non-life
+12.2%
6
6
Crédit Agricole Assurances
France
Cooperative
1986
35,004,933
30,164,747
4,840,187
+13.6%
7
11
Sumitomo Life
Japan
Mutual
1907
31,352,323
31,352,323
-
+21.2%
8
7
Liberty Mutual
USA
Mutual
1912
31,092,575
2,186,291
28,906,283
+4.9%
9
9
Nationwide
USA
Mutual
1926
30,857,957
12,778,420
18,079,537
+8.9%
10
8
MAPFRE
Spain
Non-profit
1933
28,997,952
6,815,496
22,182,456
+1.2%
11
10
Achmea
Netherlands
Cooperative
1811
26,869,513
3,748,956
23,120,556
-1.0%
12
12
New York Life
USA
Mutual
1845
23,789,421
23,789,421
-
+6.5%
13
18
Unipol
Italy
Cooperative
1963
22,142,245
9,051,690
13,090,555
+42.5%
14
14
Covéa
France
Mutual
1828
20,726,003
6,449,282
14,276,721
+5.3%
15
13
MassMutual Financial
USA
Mutual
1851
19,790,856
19,790,856
-
-8.0%
16
15
Farmers Insurance Group
USA
Reciprocal
1928
19,206,907
922,759
18,284,148
-0.2%
+7.2%
P
17
16
Northwestern Mutual
USA
Mutual
1857
17,334,118
17,334,118
-
18
19
USAA Group
USA
Reciprocal
1922
16,879,258
2,317,246
14,562,012
+9.1%
19
17
R+V Versicherung
Germany
Cooperative
1922
16,694,915
8,894,418
7,800,498
+5.9%
20
22
HDI
Germany
Mutual (1)
1903
14,384,436
4,317,047
10,067,389
+13.9%
21
20
Groupama
France
Mutual
1900
13,485,910
6,891,028
6,594,882
-5.6%
22
25
TIAA Group
USA
Non-profit
1918
13,193,714
13,193,714
-
+22.3%
23
23
Debeka Versichern
Germany
Mutual
1905
12,796,516
11,852,413
944,104
+2.9%
24
24
AG2R La Mondiale
France
Mutual
1905
12,245,346
9,425,456
2,819,890
+9.2%
25
21
Vienna Insurance Group
Austria
Mutual
1824
12,242,240
5,580,738
6,661,502
-4.4%
26
26
Pacific Life
USA
Mutual
1868
10,087,881
10,087,881
-
+14.0%
27
29
NongHyup Life
Republic of
Korea
Cooperative
1961
9,208,566
9,208,566
-
+20.6%
P
P
P
28
27
Guardian Life
USA
Mutual
1860
8,641,550
8,641,550
-
-2.1%
29
28
CZ Groep
Netherlands
Mutual
1930
8,602,005
-
8,602,005
+4.1%
30
30
HUK-Coburg
Germany
P
Mutual
1933
7,957,638
2,747,506
5,210,132
+7.5%
31
32
MACIF
France
P
Mutual
1960
7,581,404
3,542,837
4,038,567
+4.5%
32
31
SIGNAL IDUNA
Germany
Mutual
1906
7,458,493
5,789,241
1,669,252
+1.9%
33
33
American Family Insurance
USA
Mutual
1927
7,030,020
421,432
6,608,588
+5.3%
34
34
UNIQA
Austria
Cooperative
1811
6,849,246
2,163,934
4,685,312
+6.0%
35
37
Fukoku Life
Japan
Mutual
1923
6,466,449
6,466,449
-
+9.8%
36
40
Royal London
UK
Mutual
1861
6,127,074
6,127,074
-
+12.8%
Cooperative
2006
6,122,201
-
6,122,201
-2.2%
Mutual
1880
6,097,426
5,970,285
127,141
+15.5%
Cooperative
1954
5,853,492
4,050,667
1,802,825
-0.7%
Mutual
1916
5,777,961
250,165
5,527,796
+5.5%
Cooperative
1944
5,763,751
3,703,813
2,059,939
+7.7%
Mutual
1962
5,654,710
5,654,710
-
+0.6%
+18.8%
37
35
Menzis
Netherlands
38
44
Securian Financial
USA
39
36
Zenrosai
Japan
40
39
Auto-Owners Insurance
USA
41
42
Desjardins Group
Canada
42
38
Varma Mutual Pension
Finland
P
P
43
53
Cattolica Assicurazioni
Italy
Cooperative
1896
5,585,409
3,289,819
2,295,590
44
41
FJCC
Japan
Cooperative
1982
5,576,047
4,650,148
925,899
+3.4%
45
46
Thrivent Financial
USA
Fraternal
1902
5,430,170
5,430,170
-
+4.8%
46
47
KLP
Norway
Mutual
1949
5,428,680
5,307,956
120,724
+6.5%
47
43
Ilmarinen Mutual Pension
Finland
Mutual
1961
5,427,333
5,427,333
-
+1.7%
48
45
Mutual of Omaha
USA
Mutual
1909
5,318,796
5,318,796
-
+1.5%
Reciprocal
1925
5,254,722
178,719
5,076,003
+9.4%
Mutual
1820
5,212,919
3,105,029
2,107,890
+2.4%
Cooperative
1989
5,180,434
5,180,434
-
+35.6%
Mutual
1930
5,146,422
259,566
4,886,856
+6.3%
Mutual
1801
5,057,379
1,975,128
3,082,250
+1.7%
1819
4,898,069
4,346,719
551,350
+4.7%
+2.3%
49
52
Erie Insurance
USA
50
48
GOTHAER Versicherungen
Germany
P
51
60
Natixis Assurances
France
52
51
Mutua Madrileña
Spain
53
50
Länsförsäkringar
Sweden
54
54
Alte Leipziger
Germany
Mutual
P
P
55
55
Reale Mutua
Italy
Mutual
1828
4,699,960
1,174,521
3,525,439
56
49
Asahi Life
Japan
Mutual
1888
4,595,635
4,595,635
-
-9.0%
57
58
Folksam
Sweden
Mutual
1908
4,592,661
2,846,052
1,746,609
+16.7%
58
62
PFA Pension
Denmark
Mutual
1917
4,391,568
4,391,568
-
+15.4%
GLOBAL 500 | 2013 | 16
P
2013
Rank
2012
Rank
Company
Country
59
57
MAIF
France
60
56
LV=
UK
61
63
LVM Versicherung
Germany
62
64
LocalTapiola
Finland
63
73
Die Continentale
Germany
64
59
Alecta
Sweden
65
67
Ethias
Belgium
ICMIF
Member
P
P
P
Structure
Year
Founded
Total
Life
% growth
2012-2013
Non-life
Mutual
1934
4,203,678
755,074
3,448,604
Friendly Society
1843
4,106,093
1,845,787
2,260,307
+4.0%
-3.3%
Mutual
1896
3,921,377
1,441,849
2,479,529
+4.7%
Mutual
1857
3,890,429
2,690,501
1,199,928
+5.4%
Mutual
1892
3,884,784
2,928,193
956,591
+22.4%
Mutual
1917
3,848,436
3,848,436
-
-0.6%
Mutual
1919
3,817,638
1,925,789
1,891,849
+9.5%
66
69
DEVK Versicherungen
Germany
P
Mutual
1886
3,812,960
1,386,339
2,426,621
+9.5%
67
68
MGEN - ISTYA Group
France
P
Mutual
1947
3,793,716
219,683
3,574,033
+8.9%
68
71
Gjensidige Forsikring
Norway
Other (2)
1689
3,745,265
516,067
3,229,198
+11.1%
69
65
Swiss Mobiliar
Switzerland
P
Cooperative
1826
3,697,746
936,590
2,761,156
+3.9%
70
70
OneAmerica
USA
Mutual
1877
3,664,231
3,664,231
-
+7.9%
71
66
FM Global
USA
Mutual
1835
3,577,815
-
3,577,815
+1.2%
72
60
Ohio National Life
USA
Mutual
1909
3,489,811
3,489,811
-
-9.0%
73
74
VHV Versicherungen
Germany
Mutual
1919
3,372,155
1,277,840
2,094,315
+6.8%
+3.5%
74
78
The Co-operators
Canada
P
Cooperative
1945
3,024,709
881,933
2,142,776
75
79
Harmonie Mutuelles
France
P
Mutual
1988
3,008,577
36,043
2,972,534
+3.9%
76
77
COUNTRY Financial
USA
Mutual
1925
3,006,210
657,708
2,348,503
+2.9%
77
75
SMABTP
France
Mutual
1859
2,976,063
686,580
2,289,484
-2.0%
78
76
SSQ Financial Group
Canada
Mutual
1946
2,910,707
2,702,577
208,130
-1.5%
79
80
Auto Club Enterprises Insurance
USA
Reciprocal
1922
2,907,214
-
2,907,214
+4.9%
80
81
CSAA Insurance
USA
Reciprocal
1914
2,836,762
-
2,836,762
+2.8%
81
72
Citizens Property Insurance Corp
USA
Other
2002
2,761,638
-
2,761,638
-13.2%
Mutual
1897
2,610,515
1,882,115
728,400
+5.3%
Mutual
1896
2,545,151
124,254
2,420,897
+1.9%
Cooperative
1991
2,531,830
-
2,531,830
+4.5%
82
84
MACSF
France
83
83
Wawanesa Mutual
Canada
84
85
Univé Zorg
Netherlands
P
85
87
MATMUT
France
Mutual
1961
2,455,951
136,260
2,319,691
+2.7%
86
88
Western & Southern Financial
USA
Mutual
1888
2,449,736
2,449,736
-
+3.5%
P
87
89
Sentry Insurance
USA
Mutual
1904
2,447,634
526,620
1,921,014
+5.5%
88
86
Barmenia Versicherungen
Germany
Mutual
1904
2,433,374
2,285,499
147,875
+0.6%
89
91
Cuna Mutual
USA
Mutual
1935
2,410,254
2,410,254
-
+8.9%
90
95
New York State Insurance Fund
USA
Mutual
1914
2,283,287
-
2,283,287
+17.5%
Mutual
1887
2,281,571
2,281,571
-
+1.2%
Cooperative
1970
2,272,607
2,028,496
244,111
-17.2%
91
90
Ameritas Life
USA
92
81
NTUC Income
Singapore
P
93
93
NFU Mutual Insurance Group
UK
P
94
94
Auto Club Group
USA
95
97
HanseMerkur Versicherungsgruppe
Germany
96
96
P&V
Belgium
97
104
HCF
Australia
98
123
NongHyup Property & Casualty
Republic of
Korea
99
98
KFCCC
Republic of
Korea
100
99
State Auto Insurance
101
92
Penn Mutual
102
100
PensionDanmark
Denmark
103
103
The Kyoei Fire & Marine Insurance
Co
Japan
104
107
Amica Mutual
105
105
Volkswohl-Bund Versicherungen
106
102
107
109
Mutual
1910
2,130,476
222,120
1,908,356
+1.6%
Reciprocal
1902
2,098,396
-
2,098,396
+3.7%
+8.2%
Mutual
1875
2,070,248
1,823,593
246,655
Cooperative
1907
2,013,514
1,047,027
966,487
+4.5%
Non-profit
1932
2,010,988
26,591
1,984,397
+10.1%
Cooperative
2012
2,001,946
-
2,001,946
+49.8%
Cooperative
1973
1,997,431
1,997,431
-
+4.8%
USA
Mutual
1921
1,995,286
-
1,995,286
+4.8%
USA
Mutual
1847
1,923,501
1,923,501
-
-9.3%
Non-profit
1993
1,911,843
1,911,843
-
+0.8%
Cooperative
1942
1,905,662
-
1,905,662
+3.0%
USA
Mutual
1907
1,885,282
92,482
1,792,800
+5.9%
Germany
Mutual
1919
1,863,560
1,765,586
97,974
+2.7%
National Life
USA
Mutual
1850
1,841,281
1,841,281
-
-1.8%
Mutual of America Life
USA
Mutual
1945
1,772,642
1,772,642
-
+5.2%
P
P
P
108
106
Elo (3)
Finland
Mutual
1947
1,761,328
1,761,328
-
-2.1%
109
108
Blue Cross and Blue Shield of Kansas
USA
Mutual
1942
1,735,722
1,735,722
-
+0.3%
110
110
SpareBank 1
Norway
111
134
MUTEX
France
112
115
La Capitale
Canada
113
112
JCIF
Japan
P
114
111
Mutuelle Vaudoise
Switzerland
P
115
113
Tawuniya
Saudi Arabia
Cooperative
1996
1,677,662
745,615
932,047
+1.2%
Mutual
2002
1,652,701
525,248
1,127,453
+46.0%
Mutual
1940
1,637,775
879,453
758,321
+12.1%
Cooperative
1951
1,605,797
1,605,797
-
+5.8%
Cooperative
1895
1,504,712
692,998
811,714
-6.8%
Cooperative
1986
1,494,739
-
1,494,739
-0.5%
GLOBAL 500 | 2013 | 17
ICMIF
Member
Year
Founded
% growth
2012-2013
2013
Rank
2012
Rank
116
122
EMC Insurance
USA
P
Mutual
1911
1,490,142
72,748
1,417,394
+7.9%
117
117
Shelter Insurance
USA
P
Mutual
1946
1,476,392
127,070
1,349,322
+2.8%
118
137
Grupo Sancor Seguros
Argentina
P
Cooperative
1945
1,472,527
3,995
1,468,533
+36.0%
119
120
KommunePension
Denmark
Non-profit
1928
1,449,435
1,449,435
-
+3.9%
120
114
ACMN
France
Cooperative
1998
1,444,063
1,221,786
222,276
-1.3%
121
118
WWK Versicherungen
Germany
Mutual
1884
1,435,210
1,297,826
137,384
+1.1%
Company
Country
Structure
Total
Life
Non-life
122
119
La Mutuelle Générale (4)
France
Mutual
1945
1,428,935
-
1,428,935
+1.0%
123
101
Pensions-Sicherungs-Verein (PSVaG)
Germany
Mutual
1974
1,403,109
-
1,403,109
-25.9%
124
124
Zorg en Zekerheid
Netherlands
Mutual
1825
1,401,751
-
1,401,751
+7.8%
125
127
Federated Mutual
USA
Mutual
1904
1,375,272
188,589
1,186,684
+10.8%
126
125
Tennessee Farmers Insurance
USA
Mutual
1948
1,329,132
193,519
1,135,613
+2.5%
127
126
AEGIS
USA
Mutual
1975
1,280,125
-
1,280,125
+2.8%
128
128
AP Pension
Denmark
129
129
Alfa Insurance
USA
130
132
HBF
Australia
131
136
Grange Mutual Casualty Pool
USA
132
131
Industriens Pension
Denmark
133
130
Knights of Columbus
USA
Cooperative
1919
1,238,820
1,238,820
-
+1.2%
Mutual
1946
1,238,003
141,213
1,096,790
+2.7%
Non-profit
1941
1,235,991
-
1,235,991
+7.1%
Mutual
1935
1,191,388
-
1,191,388
+7.2%
Non-profit
1992
1,162,249
1,162,249
-
-1.5%
Fraternal
1882
1,145,802
1,145,802
-
-3.6%
134
218
GuideOne Insurance
USA
Mutual
1947
1,138,555
-
1,138,555
+109.2%
135
144
ACUITY Insurance
USA
Mutual
1925
1,124,310
-
1,124,310
+14.4%
136
149
State Compensation Insurance Fund
USA
Mutual
1914
1,112,518
-
1,112,518
+23.1%
137
135
LKH
Germany
Mutual
1926
1,110,946
1,090,122
20,824
-0.7%
138
139
Eovi-MCD Union (5)
France
Mutual
1946
1,106,363
-
1,106,363
+2.7%
139
141
Grawe
Austria
Mutual
1828
1,091,686
371,116
536,367
+2.7%
140
143
DSW Zorgverzekeraar
Netherlands
Mutual
1987
1,081,215
-
1,081,215
+4.3%
141
142
Süddeutsche (SDK)
Germany
142
133
Modern Woodmen of America
USA
Mutual
1926
1,076,308
1,075,078
1,230
+3.0%
Fraternal
1883
1,074,543
1,074,543
-
143
140
INTER Versicherungsgruppe
-5.2%
Germany
Mutual
1926
1,056,124
994,652
61,472
144
148
-0.6%
Texas Mutual
USA
Mutual
1991
1,031,357
-
1,031,357
+13.8%
145
116
The Main Street America Group
USA
Mutual
1923
971,578
-
971,578
-32.5%
146
150
Concordia Versicherungen
Germany
Mutual
1864
937,007
305,548
631,459
+4.4%
147
145
North Carolina Farm Bureau
USA
Mutual
1953
932,234
-
932,234
+0.9%
148
146
Münchener Verein
Germany
Mutual
1922
901,764
832,538
69,226
-2.2%
149
159
West Bend Mutual
USA
Mutual
1894
901,376
-
901,376
+13.4%
150
147
Kentucky Farm Bureau
USA
Mutual
1943
901,261
-
901,261
-0.9%
151
156
Stuttgarter Versicherung
Germany
Mutual
1908
892,864
761,602
131,261
+10.4%
152
152
Assuranceforeningen Gard
Norway
P&I Club
1907
884,200
-
884,200
+3.4%
153
151
uniVersa Versicherungen
Germany
Mutual
1843
880,406
841,086
39,320
+2.5%
154
153
Etera Mutual Pension
Finland
155
158
NACUFOK
Republic of
Korea
156
138
NFFC
Republic of
Korea
157
188
Le Conservateur
France
Mutual
1976
875,282
875,282
-
+2.5%
Cooperative
1973
870,124
870,124
-
+8.6%
P
Cooperative
1962
842,515
810,889
31,626
-21.9%
P
Mutual
1844
835,045
835,045
-
+26.0%
+12.2%
158
173
Gruppo ITAS
Italy
Mutual
1821
824,827
209,606
615,221
159
154
MNH
France
Mutual
1960
822,966
-
822,966
-0.5%
160
207
San Cristobal Seguros
Argentina
Mutual
1942
814,671
7,371
807,300
+41.5%
Reciprocal
1921
803,742
235,884
567,859
+5.6%
Mutual
1921
803,245
57,562
745,682
+5.4%
P
161
168
Pekin Insurance
USA
162
167
wgv Versicherungen
Germany
163
157
LV 1871
Germany
Mutual
1871
794,168
794,168
-
-1.0%
164
170
HM Insurance
USA
Non-profit
1983
790,790
790,790
-
+5.4%
165
176
Arbella Insurance
USA
Mutual
1988
775,357
-
775,357
+6.9%
166
172
The Motorists Insurance Group
USA
Mutual
1928
774,025
82,704
691,321
+4.6%
167
177
Utica National Insurance
USA
Mutual
1914
770,211
-
770,211
+7.1%
168
179
NGL Insurance
USA
Mutual
1910
770,102
770,102
-
+7.6%
169
166
Unéo
France
-0.5%
170
162
Kyosuiren
Japan
171
171
Wüstenrot
Austria
172
180
ADREA Mutuelle (5)
France
173
178
Australian Unity
Australia
174
155
Woodmen of the World
175
160
The Doctors Company
GLOBAL 500 | 2013 | 18
P
Mutual
2008
762,409
-
762,409
Cooperative
1951
755,912
663,217
92,695
-3.9%
Cooperative
1921
744,432
446,714
297,717
+0.5%
Mutual
1999
743,684
-
743,684
+4.3%
Friendly Society
1840
742,321
60,484
681,838
+3.7%
USA
Fraternal
1890
737,373
737,373
-
-9.8%
USA
Reciprocal
1976
736,544
103
736,441
-7.3%
2013
Rank
2012
Rank
Company
Country
ICMIF
Member
Structure
Year
Founded
Total
Life
% growth
2012-2013
Non-life
176
161
Etiqa Takaful Berhad
Malaysia
Takaful
1993
729,808
453,485
276,323
177
174
AREAS
France
Mutual
1891
721,586
106,647
614,939
-1.6%
178
186
Donegal Insurance
USA
Mutual
1889
720,106
-
720,106
+6.9%
P
-8.0%
179
183
PREPAR-VIE
France
Cooperative
1984
712,874
712,874
-
+4.8%
180
185
Kyoshokuin Seikyo
Japan
Cooperative
n/a
710,134
559,033
151,101
+5.2%
181
175
Fidelity Security Life
USA
Other
1969
705,990
705,990
-
-3.0%
182
219
Seguros Unimed
Brazil
P
Cooperative
1989
697,968
177,843
520,125
+29.4%
183
121
Co-operative Insurance
UK
P
Cooperative
1867
693,891
0
693,891
-49.7%
184
181
The Palisades Group
USA
Reciprocal
1992
692,077
-
692,077
-1.3%
185
197
Amerisure Insurance
USA
Mutual
1912
691,292
-
691,292
+12.8%
186
184
Radiance Groupe Humanis
France
Mutual
1989
688,704
-
688,704
+1.9%
187
193
Penn National Insurance
USA
Mutual
1919
681,691
-
681,691
+7.6%
188
187
Keisatsu Syokuin Seikyo
Japan
Cooperative
n/a
680,207
669,626
10,581
+2.3%
189
189
FMH Insurance
USA
Mutual
1893
664,560
-
664,560
+0.4%
190
196
Fennia
Finland
Mutual
1882
660,696
125,445
535,251
+6.6%
191
194
Mecklenburgische Versicherung
Germany
192
208
Foresters Life
Canada
193
233
La Segunda
Argentina
194
204
Promutuel Assurance
Canada
195
190
VPV Versicherungen
196
206
197
198
Mutual
1797
655,419
181,023
474,396
+3.8%
Fraternal
1881
653,911
653,911
-
+14.5%
Cooperative
1993
647,376
32,763
614,614
+38.2%
Mutual
1852
640,697
-
640,697
+10.7%
Germany
Mutual
1827
637,795
571,067
66,728
-2.5%
Michigan Farm Bureau
USA
Mutual
1919
635,994
-
635,994
+10.3%
205
Physicians Mutual
USA
Mutual
1902
628,052
628,052
-
+8.6%
169
Ecclesiastical
UK
Other
1887
624,666
10,563
614,103
-17.0%
P
P
199
182
Health Care Service Life
USA
Mutual
1929
621,305
621,305
-
-9.9%
200
200
Church Mutual
USA
Mutual
1897
618,619
-
618,619
+4.5%
+4.4%
201
202
Magistre & Psykologer
Denmark
Non-profit
2008
616,815
616,815
-
202
195
Simplyhealth
UK
P
Mutual
1872
614,584
-
614,584
-1.7%
203
210
AGPM
France
P
Mutual
1978
603,809
439,481
164,328
+6.3%
+0.2%
204
199
FIATC Mutua de Seguros
Spain
Mutual
1930
595,943
122,173
473,770
205
209
Frankenmuth Insurance Group
USA
Mutual
1868
593,038
-
593,038
+3.9%
206
221
Medical Protection Society
UK
Mutual
1892
589,709
-
589,709
+11.1%
+4.7%
207
212
Indiana Farm Bureau Insurance
USA
Mutual
1934
584,713
-
584,713
208
216
Equitable Life of Canada
Canada
Mutual
1920
580,933
580,933
-
+6.1%
209
223
Bayerische Beamten Versicherungen
Germany
Mutual
1858
579,703
443,720
135,983
+11.2%
210
191
Trustmark Insurance
USA
Mutual
1913
578,955
578,955
-
-9.6%
211
203
Univé Schade
Netherlands
Cooperative
1970
570,489
-
570,489
-1.5%
212
222
DELA Verzekeringen
Netherlands
Cooperative
1937
568,561
568,561
-
+8.6%
213
224
Groupe Mutuel
Switzerland
Mutual
1852
562,755
81,010
481,745
+8.2%
214
240
Mutualidad de la Abogacía
Spain
Mutual
1948
547,015
520,845
26,170
+26.4%
215
211
Medical Liability Mutual
USA
Mutual
1975
546,311
-
546,311
-2.8%
216
220
Oberösterreichische
Austria
Cooperative
1811
542,411
149,536
392,875
+0.9%
217
232
Sogessur
France
Other
1996
542,237
-
542,237
+14.7%
218
213
NOSAI-Zenkoku
Japan
Cooperative
1940
536,793
-
536,793
-3.8%
219
227
Central Insurance
USA
Mutual
1876
533,723
-
533,723
+6.6%
220
214
Old American County Mutual
USA
Mutual
1946
516,053
-
516,053
-7.4%
221
215
Pelayo Mutua de Seguros
Spain
Mutual
1933
507,078
1,271
505,807
-8.8%
222
226
Solimut
France
Mutual
1960
501,987
-
501,987
-0.8%
223
230
MutRé
France
Mutual
1998
489,639
77,074
412,565
+1.0%
+1.3%
224
231
Sygeforsikringen "danmark"
Denmark
Mutual
1973
488,926
-
488,926
225
229
NYCM Insurance
USA
Mutual
1899
484,042
-
484,042
-0.6%
226
239
Itzehoer Versicherungen
Germany
Mutual
1906
480,676
62,386
418,290
+10.8%
227
250
Pinnacol Assurance
USA
Mutual
1915
478,230
-
478,230
+15.2%
228
234
Malakoff Médéric Mutuelle (4)
France
Mutual
1891
470,911
-
470,911
+4.2%
229
242
Vereinigte Hagel
Germany
Mutual
1825
469,391
-
469,391
+8.9%
230
247
SECURA Insurance
USA
Mutual
1899
466,247
-
466,247
+11.6%
-23.2%
P
231
198
Wesleyan Assurance Society
UK
Mutual
1841
465,044
465,044
-
232
244
Takaful Malaysia
Malaysia
Takaful
1984
462,041
328,379
133,663
+7.7%
233
235
Sygeplejersker
Denmark
Non-profit
n/a
461,490
461,490
-
+2.7%
234
236
Monceau Assurances
France
P
Mutual
1820
458,412
228,041
230,371
+3.2%
235
245
SMACL
France
P
Mutual
1972
453,004
-
453,004
+6.0%
236
238
Jurister og Økonomer (JØP)
Denmark
Non-profit
1961
452,146
452,146
-
+4.1%
GLOBAL 500 | 2013 | 19
2013
Rank
2012
Rank
Company
Country
ICMIF
Member
Structure
Year
Founded
Total
Life
% growth
2012-2013
Non-life
237
246
The Andover Companies
USA
Mutual
1828
451,313
-
451,313
+6.1%
238
241
Georgia Farm Bureau
USA
Mutual
1937
449,847
-
449,847
+4.2%
239
237
Børne- og Ungdomspædagoger
(PBU)
Denmark
Non-profit
1976
448,290
448,290
-
+1.3%
+22.0%
240
269
Sunlight Agricultural Mutual
China
241
228
Fédérale Assurance
Belgium
242
256
Groupe Intériale
France
P
Mutual
2005
447,916
-
447,916
Cooperative
1911
447,039
173,471
273,568
-8.6%
Mutual
2008
443,289
-
443,289
+10.6%
+17.8%
243
266
IFFCO Tokio General Insurance
India
Cooperative
2000
438,100
-
438,100
244
257
SAIF Corporation
USA
Mutual
1914
436,160
-
436,160
+9.1%
245
252
Germania Mutual
USA
Mutual
1878
434,669
9,572
425,097
+6.9%
P
246
251
Mutuelle de Poitiers
France
Mutual
1838
434,253
-
434,253
+6.0%
247
254
APREVA Mutuelle (5)
France
Mutual
1969
423,634
-
423,634
+4.9%
248
248
LB GROUP
Denmark
Mutual
1880
421,375
-
421,375
+1.0%
249
163
Marine and General Mutual (6)
UK
Mutual
1852
421,046
421,046
-
-46.3%
250
243
Zennihon Jichitai Roudousha Seikyo
Japan
Cooperative
n/a
415,609
232,985
182,624
-3.2%
251
265
Western National Insurance Group
USA
Mutual
1900
410,895
-
410,895
+10.4%
252
253
ALKA
Denmark
P
Cooperative
1903
410,785
70,991
339,794
+1.7%
253
255
SHAM
France
P
mutual
1928
403,755
4,815
398,940
+0.3%
254
249
Homesteaders Life
USA
Mutual
1906
397,522
397,522
-
-4.2%
255
262
Thélem Assurances
France
Mutual
1820
395,425
-
395,425
+4.6%
256
273
Grinnell Mutual
USA
Mutual
1909
394,824
-
394,824
+9.0%
257
270
Hastings Mutual
USA
Mutual
1885
393,644
-
393,644
258
260
Saitama Kenmin Kyosai
Japan
Cooperative
1973
390,873
390,873
P
+7.4%
+1.5%
259
267
Lusitania Seguros
Portugal
Cooperative
1986
384,352
155,869
228,483
+3.4%
260
276
Teachers Health Fund
Australia
Non-profit
1954
382,402
-
382,402
+9.6%
261
264
Physicians' Reciprocal Insurers
USA
Reciprocal
1981
380,472
-
380,472
+1.9%
262
287
Assuranceforeningen Skuld
Norway
P&I Club
1897
379,391
-
379,391
+19.3%
263
261
Pan-American Life
USA
Mutual
1911
377,377
377,377
-
-1.8%
264
259
Coverys
USA
Mutual
1975
372,841
-
372,841
-3.5%
265
275
Niederösterreichische Versicherung
Austria
Cooperative
1923
371,378
63,246
308,133
+3.1%
266
271
Kokyoren
Japan
Cooperative
1972
370,290
-
370,290
+1.7%
P&I Club
1860
370,095
-
370,095
+6.9%
Mutual
1963
367,922
-
367,922
+1.3%
+5.3%
267
277
North of England P&I Association (7)
UK
268
272
Bovemij Verzekeringen
Netherlands
269
279
Socialrådgivere og socialpædagoger
Denmark
270
274
UK P&I Club
UK
271
281
Mutual of Enumclaw
Mutual
n/a
360,959
360,959
-
P&I Club
1869
360,181
-
360,181
-0.1%
USA
Mutual
1898
359,237
-
359,237
+7.5%
+83.1%
272
357
Baskepensiones EPSV
Spain
Mutual
n/a
357,548
357,548
-
273
284
Vermont Mutual
USA
Mutual
1828
354,765
-
354,765
+7.8%
274
283
PEMCO Insurance
USA
Mutual
1949
354,000
-
354,000
+7.2%
275
280
Lægernes Pensionskasse
Denmark
Mutual
1946
353,200
353,200
-
+3.2%
276
258
American Enterprise Group
USA
Mutual
1903
349,548
349,548
-
-11.9%
277
278
Security Mutual Life
USA
Mutual
1886
347,070
347,070
-
+0.9%
278
263
UVM Verzekeringsmaatschappij
Netherlands
Mutual
1989
341,622
-
341,622
-9.4%
279
286
ALAS Companies
USA
Mutual
1987
339,953
-
339,953
+6.0%
280
282
Gore Mutual
Canada
281
290
RAC Insurance (WA)
Australia
Mutual
1839
335,487
-
335,487
+1.3%
P
Other
1947
334,535
-
334,535
+9.9%
Other
1970
330,881
-
330,881
-48.2%
P
Cooperative
1963
329,245
-
329,245
+1.3%
328,637
-
328,637
+14.2%
282
192
RACQ Insurance
Australia
283
285
Cooperativa de Seguros Múltiples
Puerto Rico
284
295
North Star Mutual
USA
Mutual
1920
285
288
California Casualty Group
USA
Reciprocal
1914
326,906
-
326,906
+4.0%
286
296
Brotherhood Mutual
USA
Mutual
1917
326,485
-
326,485
+13.6%
287
268
MAF
France
Mutual
1931
320,909
-
320,909
-12.8%
288
300
CompSource Mutual
USA
Mutual
1933
310,065
-
310,065
+9.2%
289
302
BrickStreet Mutual
USA
Mutual
2006
307,482
-
307,482
+9.7%
290
201
De Integrale
Belgium
Other
1925
305,870
305,870
-
-48.3%
291
291
Columbian Financial Group
USA
Mutual
1882
305,106
305,106
-
+5.3%
292
343
Mutuelle Bleue
France
Mutual
1940
300,130
-
300,130
+41.3%
293
308
GMHBA
Australia
Non-profit
1934
299,582
-
299,582
+10.7%
294
345
Seguros Rivadavia
Argentina
Mutual
1945
295,800
-
295,800
+39.5%
295
317
Insular Life
Philippines
Mutual
1910
294,694
294,694
-
+17.9%
296
298
The Standard Club
UK
P&I Club
1884
294,100
-
294,100
+2.8%
297
301
Britannia Steam Ship Insurance
UK
P&I Club
1855
294,057
-
294,057
+4.4%
GLOBAL 500 | 2013 | 20
P
2013
Rank
2012
Rank
Company
Country
ICMIF
Member
Structure
Year
Founded
Total
Life
% growth
2012-2013
Non-life
298
305
GNY Insurance
USA
299
311
Defence Health
Australia
300
292
Columbia Insurance Group
USA
Mutual
1874
285,985
-
285,985
-1.1%
301
315
Farmers Mutual of Nebraska
USA
Mutual
1891
285,841
-
285,841
+13.1%
302
303
Zenjikyo
Japan
Cooperative
1975
285,371
-
285,371
+2.0%
303
293
NORCAL Mutual
USA
Mutual
1975
285,236
-
285,236
-1.3%
304
307
Ociane Mutuelle
France
305
225
Salama
UAE
306
338
Magyar Posta Biztosító
307
312
Preferred Mutual
308
332
309
310
Mutual
1914
293,518
-
293,518
+6.1%
Non-profit
1953
290,988
-
290,988
+9.9%
Mutual
1929
284,857
-
284,857
+4.3%
Takaful
1979
280,347
57,389
222,958
-45.6%
Hungary
Mutual
2003
278,693
225,712
52,981
+27.8%
USA
Mutual
1896
278,435
-
278,435
+6.8%
Hermandad Nacional de Arquitectos
Spain
Mutual
1944
277,211
178,937
98,274
+18.1%
299
Virginia Farm Bureau
USA
Mutual
1926
276,809
-
276,809
-2.9%
306
GF Forsikring
Denmark
P
Other
1967
276,625
-
276,625
+1.3%
P
+15.8%
P
311
327
Prudential BSN Takaful
Malaysia
Takaful
2006
275,550
273,511
2,039
312
304
Klaverblad Verzekeringen
Netherlands
Mutual
1850
273,521
96,599
176,922
-1.5%
313
309
GVV Versicherungen
Germany
Mutual
1911
272,899
-
272,899
+1.8%
314
351
Previsión Sanitaria Nacional
Spain
Mutual
1930
269,153
262,276
6,876
+31.9%
315
336
IDEAL Versicherungsgruppe
Germany
Mutual
1913
265,236
265,236
-
+20.3%
316
333
PPS
South Africa
317
316
Quincy Mutual
USA
318
320
CBHS Health Fund
Australia
319
334
MAPA
France
320
319
Merchants Insurance Group
USA
321
318
Boston Mutual
USA
322
294
Steamship Mutual
Bermuda
P
P
Mutual
1941
260,901
260,901
-
+11.8%
Mutual
1851
260,186
-
260,186
+3.2%
Non-profit
1951
259,606
-
259,606
+6.9%
Mutual
1910
256,431
-
256,431
+12.2%
Mutual
1918
256,413
-
256,413
+3.3%
Mutual
1891
255,647
255,647
-
+2.4%
P&I Club
1909
254,435
-
254,435
-11.9%
-2.2%
323
313
Groupe Pasteur Mutualité
France
Mutual
1858
253,762
-
253,762
324
314
Oklahoma Farm Bureau
USA
Mutual
1942
252,841
-
252,841
-0.9%
325
328
M comme Mutuelle
France
Mutual
1927
252,321
-
252,321
+6.1%
326
374
PURE Group of Insurance Companies
USA
Reciprocal
2007
251,294
-
251,294
+44.2%
327
331
TVM
Netherlands
Mutual
1962
247,006
-
247,006
+5.3%
328
321
Arkansas Insurance
USA
Mutual
1950
246,418
-
246,418
+2.3%
329
329
Seguros Lagun Aro
Spain
Mutual
1982
245,300
97,433
147,868
+3.3%
330
310
ISMIE Mutual
USA
Mutual
1976
245,122
-
245,122
-7.5%
331
335
Noordhollandsche van 1816
Netherlands
Mutual
1816
244,573
1,053
243,520
+10.8%
P
332
325
Guarantee Trust Life
USA
Mutual
1936
242,052
242,052
-
+1.3%
333
322
MTL Insurance
USA
Mutual
1904
242,039
242,039
-
+0.7%
334
324
MagMutual
USA
Mutual
1982
241,919
-
241,919
+1.1%
335
339
Takaful Ikhlas
Malaysia
Takaful
2002
233,195
169,211
63,984
+7.5%
336
353
MEMIC
USA
Mutual
1993
230,044
-
230,044
+14.0%
337
349
Japan P&I Club
Japan
P&I Club
1950
229,660
-
229,660
+11.2%
P&I Club
1855
227,263
-
227,263
+5.4%
Mutual
1895
227,242
200,651
26,590
+5.8%
338
341
The Shipowners’ Club
UK
339
342
ÖBV
Austria
340
337
CAM btp
France
341
326
GBU Financial Life
USA
Mutual
1926
224,643
19,662
204,981
+2.3%
Fraternal
1892
224,291
224,291
-
342
330
Agrupación Mutual Aseguradora
-5.8%
Spain
Mutual
1965
223,710
-
223,710
343
367
CopperPoint Mutual
-5.8%
USA
Mutual
1925
220,051
-
220,051
+17.8%
344
297
345
358
Titus Group
USA
Reciprocal
1949
219,630
-
219,630
-23.3%
Chesapeake Employers' Insurance
USA
Mutual
1914
219,225
-
219,225
+12.7%
346
360
State Workers' Insurance Fund
USA
347
352
SMAM Mutuelle
France
Mutual
1914
218,631
-
218,631
+14.0%
Mutual
1834
218,192
-
218,192
348
365
Nihon Saikyosairen
Japan
Cooperative
+7.8%
1987
215,316
3,663
211,653
+15.0%
P
349
348
Mutuelle Générale de la Police
France
Mutual
1962
212,481
-
212,481
+1.9%
350
350
Portage Mutual
Canada
Mutual
1884
208,564
-
208,564
+2.1%
351
340
MIP
France
Mutual
1929
208,231
-
208,231
-3.7%
352
370
Magna Carta Companies
USA
Mutual
1925
207,039
-
207,039
+13.2%
353
344
L'Auxiliaire
France
Mutual
1863
206,319
8,563
197,756
-2.8%
354
355
Pennsylvania Lumbermens Mutual
USA
Mutual
1895
205,559
-
205,559
+4.5%
355
359
Nuclear Electric Insurance
USA
Mutual
1973
203,119
-
203,119
+4.9%
356
289
ELCO Mutual (8)
USA
Mutual
1946
203,097
203,097
-
-34.4%
357
361
Catholic Church Insurance
Australia
358
384
Builders Mutual
USA
Other
1911
201,927
-
201,927
+6.5%
Mutual
1984
200,786
-
200,786
+22.1%
GLOBAL 500 | 2013 | 21
2013
Rank
2012
Rank
Company
Country
ICMIF
Member
Structure
Year
Founded
Total
Life
% growth
2012-2013
Non-life
359
419
Mutuelle UMC
France
Mutual
1967
200,638
1,624
199,014
360
354
South Carolina Farm Bureau
USA
Mutual
1952
198,842
-
198,842
+43.5%
-1.4%
361
363
Western Reserve Group
USA
Mutual
1859
197,957
-
197,957
+5.1%
362
369
Ohio Mutual
USA
Mutual
1901
197,029
-
197,029
+7.6%
363
364
Pioneer State Mutual
USA
Mutual
1908
196,832
-
196,832
+4.8%
364
356
Mutuelle Prévifrance
France
+0.0%
365
346
West of England
Luxembourg
366
387
Idaho State Insurance Fund
367
347
368
373
369
370
371
Mutual
1931
196,545
-
196,545
P&I Club
1870
195,483
-
195,483
-7.6%
USA
Mutual
1917
195,299
-
195,299
+21.0%
Onderlinge 's-Gravenhage
Netherlands
Mutual
1895
192,016
192,016
-
-9.0%
Workers' Compensation Fund
USA
Mutual
1917
191,677
-
191,677
+10.0%
372
Avant Mutual
Australia
Mutual
1893
191,659
-
191,659
+8.8%
379
Louisiana Workers' Compensation
Corp
USA
Mutual
1980
185,313
-
185,313
+10.8%
386
IMT Insurance
USA
Mutual
1884
184,186
-
184,186
+13.5%
372
383
Indiana Farmers Mutual
USA
Mutual
1877
183,051
-
183,051
+10.6%
373
375
Hochheim Prairie Insurance
USA
Mutual
1892
182,140
-
182,140
+5.2%
374
366
Divina Pastora Seguros
Spain
Mutual
1957
180,524
104,649
75,875
-3.5%
375
362
Louisiana Citizens
USA
Other
2009
179,000
-
179,000
-5.3%
376
392
Bankpension
Denmark
Non-profit
1912
177,434
177,434
-
+12.6%
377
380
Society Insurance
USA
Mutual
1915
177,272
-
177,272
+6.8%
378
377
Vzajemna Mutual
Slovenia
Mutual
1999
177,016
354,450
-
+5.6%
379
400
AVBOB Mutual Assurance Society
South Africa
Mutual
1918
176,733
176,733
-
+15.3%
380
376
The Swedish Club
Sweden
+3.0%
381
368
MMIC Insurance
USA
382
371
FMRP
Canada
P
P
P&I Club
1872
174,742
-
174,742
Mutual
1980
173,988
-
173,988
-5.9%
Mutual
1959
173,724
-
173,724
-3.5%
383
385
Concord Group Insurance
USA
Mutual
1928
172,058
-
172,058
+6.0%
384
382
Tiroler Versicherung
Austria
Mutual
1821
170,885
16,531
154,354
+3.2%
385
378
Dina Försäkringar
Sweden
Mutual
1768
170,305
-
170,305
+1.8%
386
404
Haftpflichtkasse Darmstadt
Germany
Mutual
1898
169,814
-
169,814
+13.5%
387
388
Norfolk & Dedham Pool
USA
Mutual
1825
169,637
-
169,637
+5.1%
388
395
Mountain West Insurance
USA
Mutual
1946
168,358
-
168,358
+7.9%
389
381
Montana State Fund
USA
Mutual
1990
167,946
-
167,946
+1.4%
390
426
Missouri Employers Mutual
USA
Mutual
1995
166,965
-
166,965
+22.3%
391
397
Rural Mutual
USA
Mutual
1934
165,515
-
165,515
+6.6%
392
391
Western Provident Association
UK
Non-profit
1901
164,535
-
164,535
+3.3%
393
394
Police Mutual
UK
Friendly Society
1922
162,500
162,500
-
+3.7%
394
407
Farm Bureau of Idaho
USA
Mutual
1947
161,560
-
161,560
+11.0%
395
399
Nodak Mutual
USA
Mutual
1946
160,325
-
160,325
+4.5%
396
408
La Mutuelle Familiale
France
Mutual
1937
158,830
10,226
148,604
+9.3%
397
401
Oregon Mutual
USA
Mutual
1894
157,838
-
157,838
+3.2%
398
398
Federated Rural Electric Insurance
USA
Reciprocal
1957
157,547
-
157,547
+2.0%
399
403
Farmers Alliance Companies
USA
Mutual
1888
156,394
-
156,394
+4.0%
400
423
A.I.M. Mutual
USA
Mutual
1988
155,782
-
155,782
+13.3%
401
415
TUW TUW
Poland
Mutual
1992
154,012
-
154,012
+8.8%
402
393
State Volunteer Mutual
USA
Mutual
1976
152,275
-
152,275
-3.1%
403
390
Greek Catholic Union of the USA
USA
Fraternal
1892
152,244
-
-
-5.3%
404
416
Jewelers Mutual
USA
Mutual
1913
151,646
-
151,646
+7.2%
405
428
Assumption Life
Canada
+8.9%
406
425
United Educators
USA
407
412
Rand Mutual
South Africa
408
409
Louisiana Farm Bureau Mutual
USA
409
418
SFM Insurance
USA
410
396
CCMO Mutuelle
411
417
Franklin Mutual
P
P
Mutual
1903
148,082
148,082
-
Reciprocal
1987
147,294
-
147,294
+7.7%
Mutual
1894
146,826
34,405
112,420
+2.7%
Mutual
1957
146,541
-
146,541
+1.2%
Mutual
1983
146,101
-
146,101
+4.3%
France
Mutual
1943
146,081
-
146,081
-6.0%
USA
Mutual
1879
145,606
-
145,606
+3.2%
Cooperative
1956
144,932
77,322
67,609
-2.7%
Mutual
1882
144,617
-
144,617
-3.0%
P
412
406
Seikyo Zenkyoren (JAFMAC)
Japan
413
405
Sunderland Marine (7)
UK
414
402
Medical Mutual of Maryland
USA
Mutual
1975
144,261
-
144,261
-5.5%
415
433
Kentucky Employers' Mutual
USA
Mutual
1995
143,753
-
143,753
+14.3%
416
437
La Equidad Seguros
Colombia
417
430
RAA Insurance
Australia
418
414
Kanagawa Kenmin Kyosai
Japan
419
427
Grange Insurance Association
USA
GLOBAL 500 | 2013 | 22
P
P
Cooperative
1970
143,192
85,310
57,881
+16.7%
Other
1920
142,856
-
142,856
+11.0%
Cooperative
1973
142,196
18,966
123,230
0.0%
Mutual
1894
141,737
-
141,737
+4.0%
2013
Rank
2012
Rank
420
421
Central States Health & Life
USA
421
424
Danske Civil- og Akademiingeniørers
Denmark
422
435
Harford Mutual Ins Cos
423
422
Patientförsäkringen LÖF
424
436
425
426
Company
Country
ICMIF
Member
Structure
Year
Founded
Total
Life
% growth
2012-2013
Non-life
Mutual
1932
141,560
141,560
-
+1.8%
Non-profit
1953
140,752
140,752
-
+2.8%
USA
Mutual
1842
140,352
-
140,352
+13.5%
Sweden
Mutual
1975
138,218
-
138,218
+0.0%
FMG
New Zealand
Mutual
1905
137,422
-
137,422
+11.6%
432
Cumberland Insurance
USA
Mutual
1844
135,031
-
135,031
+7.1%
431
The Philadelphia Contribution
USA
Mutual
1752
134,179
-
134,179
+4.3%
427
447
UL Mutual
Canada
Mutual
1889
133,873
133,873
-
+13.9%
428
453
Benenden Healthcare
UK
P
Mutual
1907
131,536
-
131,536
+17.2%
429
411
Købstædernes Forsikring
Denmark
P
Mutual
1761
131,020
-
131,020
-8.6%
430
444
Lifetime HealthCare
USA
Non-profit
1987
130,171
130,171
-
+8.9%
P
431
434
Brethren Mutual
USA
Mutual
1897
129,767
-
129,767
+4.8%
432
468
CIC Insurance Group
Kenya
P
Cooperative
1978
128,432
34,869
93,563
+22.8%
P
Mutual
1926
127,107
-
127,107
+47.0%
Other
1971
125,560
-
125,560
-10.2%
Non-profit
1929
125,296
-
125,296
+4.3%
Mutual
1983
125,178
-
125,178
+3.3%
Cooperative
n/a
125,157
61,001
64,156
-3.6%
433
499
Goodville Mutual
USA
434
420
Unigarant
Netherlands
435
441
Westfund Health
Australia
436
439
AMDM
France
437
429
Denki Tsushin Sangyo Roudousha
Seikyo
Japan
438
449
Pohjantähti
Finland
Mutual
1895
124,943
-
124,943
+7.0%
439
457
Union Mutual of Vermont
USA
Mutual
1874
123,292
-
123,292
+12.0%
440
438
The Commonwell Mutual(9)
Canada
Mutual
1895
123,021
-
123,021
+1.4%
441
440
ZLM Verzekeringen
Netherlands
Mutual
1951
122,963
-
122,963
+2.1%
442
470
Texas FAIR Plan Association
USA
Mutual
1995
122,683
-
122,683
+19.8%
+21.9%
P
443
481
CNMA
Algeria
Mutual
1972
120,833
-
120,833
444
455
Turva
Finland
Mutual
1910
120,248
-
120,248
+7.7%
445
446
Illinois Mutual
USA
Mutual
1910
119,469
119,469
-
+0.7%
446
462
Euskadiko Pentsioak EPSV
Spain
Mutual
n/a
119,458
119,458
-
+10.9%
447
456
Celina Insurance
USA
Mutual
1914
119,198
-
119,198
+7.3%
448
454
Latrobe Health Services
Australia
Non-profit
1951
119,186
-
119,186
+6.6%
449
442
MICA
USA
Mutual
1976
118,846
-
118,846
-1.0%
P
450
452
Royal Neighbors of America
USA
Fraternal
1895
118,826
118,826
-
+4.4%
451
460
Utica First Insurance
USA
Mutual
1903
118,773
-
118,773
+9.5%
452
443
IPB Insurance
Ireland
Mutual
1926
117,783
-
117,783
-1.6%
453
451
Michigan Millers Mutual
USA
Mutual
1881
115,061
-
115,061
+0.5%
454
483
Lumbermen's Underwriting Alliance
USA
Reciprocal
1905
114,513
-
114,513
+16.8%
455
459
Health Partners
Australia
Non-profit
1937
113,866
-
113,866
+4.6%
456
445
Nikkaren
Japan
Cooperative
1960
113,228
-
113,228
-4.6%
457
476
Beacon Mutual
USA
Mutual
1990
113,064
-
113,064
+11.5%
+2.4%
458
461
American Steamship Owners Mutual
USA
459
450
Geroa Pentsioak EPSV
Spain
460
473
Midwest Family Mutual
USA
P
P&I Club
1917
110,598
-
110,598
Non-profit
1996
110,486
110,486
-
-4.6%
Mutual
1891
110,411
-
110,411
+8.5%
+33.3%
461
new
Sp-Henkivakuutus Oy(10)
Finland
Cooperative
2006
110,223
110,223
-
462
464
Vorarlberger Landes-Versicherung
Austria
Mutual
1920
109,213
27,354
81,859
+2.1%
463
498
RetailFirst Insurance
USA
Mutual
1979
108,606
-
108,606
+19.3%
464
475
Pharmacists Mutual
USA
Mutual
1909
108,168
-
108,168
+6.6%
465
463
Mutual Benefit Group
USA
Mutual
1908
106,225
-
106,225
-1.4%
466
new
Mutual Médica
Spain
Mutual
1920
106,029
86,749
19,280
+59.0%
467
487
Uelzener Versicherung
Germany
Mutual
1873
105,915
7,991
97,925
+9.8%
468
478
Mutuelle Saint-Christophe
France
Mutual
1932
105,055
-
105,055
+4.4%
469
495
Humania Assurance
Canada
Mutual
1874
104,903
104,903
-
+11.9%
470
482
HAI Group
USA
Mutual
1987
104,691
-
104,691
+6.3%
471
485
FFVA Mutual
USA
Mutual
1956
103,584
-
103,584
+6.3%
+6.5%
P
472
486
TUH
Australia
Non-profit
1972
103,314
-
103,314
473
467
National Slovak Society
USA
Fraternal
1890
103,185
-
-
-2.8%
474
458
London P&I Club
UK
P&I Club
1866
101,951
-
101,951
-6.6%
475
490
Bear River Mutual
USA
Mutual
1909
101,582
-
101,582
+6.1%
476
479
Mutua de Propietarios
Spain
Mutual
1835
101,572
-
101,572
+1.7%
477
474
Mútua General de Catalunya
Spain
Mutual
1984
101,512
428
101,085
-0.1%
478
480
Medical Mutual Group
USA
Mutual
1975
101,271
-
101,271
+1.4%
479
488
Gartenbau-Versicherung
Germany
480
413
Scottish Friendly
UK
Mutual
1847
100,843
-
100,843
+5.1%
Friendly Society
1862
100,386
100,386
-
-29.8%
GLOBAL 500 | 2013 | 23
2013
Rank
2012
Rank
Company
Country
ICMIF
Member
Structure
Year
Founded
Total
Life
% growth
2012-2013
Non-life
481
491
Exeter Friendly Society
UK
Friendly Society
1927
99,618
27,871
71,746
+5.5%
482
484
Badger Mutual
USA
Mutual
1887
99,591
-
99,591
+2.0%
483
496
Ranchers & Farmers Mutual
USA
Mutual
1919
99,492
-
99,492
+7.3%
484
471
Boeisho Shokuin Seikyo
Japan
Cooperative
1963
98,225
88,901
9,323
-3.7%
485
497
HealthGuard Health Benefits Fund
Australia
Non-profit
1953
95,461
-
95,461
+3.8%
486
new
Lysaght Peoplecare
Australia
Non-profit
1953
95,345
-
95,345
+15.0%
487
new
New Mexico Mutual
USA
Mutual
1991
92,928
-
92,928
+17.3%
488
new
NLC Insurance
USA
Mutual
1840
92,061
-
92,061
+3.3%
489
new
Health Insurance Fund
Australia
Non-profit
1954
90,258
-
90,258
+12.8%
490
new
CUA Health
Australia
Non-profit
1977
88,330
-
88,330
+9.3%
491
new
Zenkoku Jichi Kyokai
Japan
Cooperative
1936
87,993
-
87,993
+0.5%
492
new
ICI Mutual
USA
Mutual
1987
87,507
-
87,507
+3.3%
493
new
New York Schools Insurance
USA
Reciprocal
1989
87,349
-
87,349
+4.1%
494
new
Physicians Insurance Mutual
USA
Mutual
1981
86,880
-
86,880
+3.9%
86,174
495
new
COSVI
Puerto Rico
496
new
Nonprofits Insurance Alliance
USA
497
new
rt health fund
Australia
498
477
GPM Life
USA
499
500
North Waterloo Farmers Mutual
Canada
P
500
new
TUW SKOK
Poland
P
Total
Cooperative
1959
86,174
Other
1989
85,875
Non-profit
1889
85,701
-
85,701
+2.4%
Mutual
1934
85,448
85,448
-
-15.2%
Mutual
1874
85,367
-
85,367
+5.8%
Mutual
1992
85,318
-
85,318
+23.7%
1,206,805,979
622,094,290
584,449,492
+4.2%
474,005,153
229,894,705
244,103,681
+5.8%
80
Number of
organizations
-
+1.2%
85,875
+18.0%
ICMIF
Members
Europe
205
North America
219
11
474,405,130
177,976,113
296,173,587
+4.7%
Asia & Oceania
63
17
253,075,018
213,323,108
39,751,910
+0.0%
Latin America
8
7
4,486,953
393,456
4,093,497
+31.5%
Africa
5
4
833,725
506,909
326,816
+13.7%
1,206,805,979
622,094,290
584,449,492
+4.2%
Total
500
41
80
ICMIF members highlighted in orange
(1) HDI is wholly-owned by Talanx AG, a holding group which is 82%-owned by HDI V.a.G. (a mutual insurance company), following an IPO in October 2012
(2) Following the IPO and listing on the Oslo Stock Exchange in December 2010, Gjensidige remained 62%-owned by the Gjensidigestiftelsen foundation
(3) Formerly Eläke-Fennia Mutual, which merged with LocalTapiola Pension in January 2014
(4) In January 2015, La Mutuelle Générale and Malakoff Médéric announed plans to create a SGAM (Société de Groupe d’Assurance Mutuelle or Mutual Insurance Group)
(5) Eovi-MCD, ADREA Mutuelle and APREVA Mutuelle agreed to form a new mutual group union (UMG or Union mutualiste de groupe) in 2015
(6) From November 2013, MGM Advantage has existed as two companies: a new stock company called MGM Advantage and a mutual company (formally MGM Advantage), which was renamed Marine and General
Mutual. In February 2015, Marine and General Mutual agreed to a transfer of business to Scottish Friendly (subject to approvals).
(7) Sunderland Marine merged with and became a wholly-owned subsidiary of North of England P&I Association (North Group) in February 2014
(8) Formerly Employees Life Company (Mutual)
(9) The Commonwell Mutual Insurance Group was created in January 2014 as an amalgamation of Farmers’ Mutual (Lindsay), Glengarry Mutual and Lanark Mutual
(10) Formerly Duo Life Insurance Co
GLOBAL 500 | 2013 | 24
Methodology and data
As the only global federation for the mutual and cooperative insurance sector, ICMIF is often consulted by its
members, regulators, governments, legislators, the media, academics, researchers and other trade associations
about the actual size of the mutual/cooperative insurance sector compared to the total industry. This can
be at a national, regional or international level. The objectives of the research that goes into this report are
to provide a definitive response to this question, based on rigorous calculation of the size of the mutual/
cooperative insurance sector; and from this, to highlight the socio-economic importance of mutual and
cooperative insurers.
Financial data from 5,000 companies in a sample of 77 countries, which together represent approximately
99.1% of the world insurance market, was gathered from annual reports, regulatory returns and external
research. ICMIF’s definition of “mutual” and “cooperative” in this report includes organizations whose legal
status may not be classified as such in their national law, but whose structure and values reflect the mutual/
cooperative form, i.e. companies which are owned by, governed by and operated in the interests of their
member policyholders. These include limited companies owned by people-based organizations, fraternal
benefit societies (fraternals), friendly societies, Takaful providers, reciprocals, non-profits, exchanges,
discretionary mutuals, P&I clubs, community organizations and foundations. Extending the definition in this
way has enabled us to include all organizations which operate on mutual/cooperative principles, in line with
our research objectives, without being restricted by legal definitions of which there is a wide variety across the
globe and some of which are particular to one country alone.
For groups of companies, whether their operations be national or multinational, figures for the whole group,
including majority-held subsidiaries, have been included. In the majority of cases the gross premium figures
have been used. Where these are not available the next best published premium income figure has been
used. Where it has not been possible to ascertain the split between life and non-life business from published
documentation (there are only a few cases where this applies), we have made assumptions of the split based on
information from other sources.
As with previous editions of the Global 500 report, a constant exchange rate (from 31 December 2013) was
used to calculate the premiums of companies for 2013 and 2012, thereby eliminating the misleading effects
of exchange rate fluctuations and thus ensure accurate year-on-year comparisons. As premiums for 2012 have
been adjusted based these (2013) exchange rates (and new companies have been added into the data), changes
to rankings in previous editions of the Global 500 may be noted.
For the analysis into the company longevity of Global 500 insurers, best effort had been made to find the date
in which they were founded. When mergers or alliances have created new legal entities, the earliest date of the
incorporation of the affiliated or subsidiary organizations has been taken (where available11) rather than the
date of the merger/alliance. When the insurer is part of a wider mutual or cooperative organization, best effort
has also been taken to find the year of incorporation of the insurance subsidiary, rather than the wider parent
group (i.e. the year in which the mutual organization began writing insurance business).
11
No information on the date founded was available for eight of the Global 500 insurers.
References
A.M. Best
AFA (American Fraternal Alliance), USA
AFM (Association of Financial Mutuals), UK
L’Argus de l’Assurance, France
CAMIC (Canadian Association of Mutual Insurance Companies), Canada
Danish Insurance Association, Denmark
FNMF (Fédération nationale de la mutualité française)
GEMA (Groupement des entreprises mutuelles d’assurance), France
JCIA (Japanese Cooperative Insurance Association), Japan
NAIC (National Association of Insurance Commissioners), USA
NAMIC (National Association of Mutual Insurance Companies), USA
ROAM (Réunion des Organismes d’assurance mutuelle), France
Swiss Re
GLOBAL 500 | 2013 | 25
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Global 500 for 2013
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The International Cooperative and Mutual Insurance Federation (ICMIF) is a best practice organisation committed to
giving its members from around the world a competitive advantage. ICMIF helps to grow its mutual and cooperative
insurance member organisations by sharing strategies and the latest market intelligence.
The Global 500 is a definitive list of the 500 largest mutual and cooperative insurers in terms of premium income.
Published annually alongside Global Mutual Market Share, a market research report on the size of the global mutual and
cooperative insurance sector, which highlights how since 2007 the mutual and cooperative model has been the fastest
growing part of the global insurance market; maturing from a global share of 23.8% to 27.3% in 2013.
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global 500 - International Cooperative and Mutual Insurance

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