Ping An is the world’s most valuable Insurance brand for the 7th consecutive year, with a brand value of US$32.2 billion. The Chinese brand retains this title, despite a 25% year-on-year brand value reduction.
Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test, and publishes over 100 reports, ranking brands across all sectors and countries. The world’s top 100 most valuable and strongest Insurance brands are included in the annual Brand Finance Insurance 100 2023 ranking.
Ping An has faced difficult domestic operating conditions over the past two years as China’s domestic economic growth has been hindered by reduced consumer confidence, supply chain disruption, and sporadic COVID-19 outbreaks. This has reduced household consumption recovery, which has had an impact on Ping An’s premiums, and is reflected in its forecasts and brand value reduction.
Alex Haigh, Managing Director, Asia Pacific, Brand Finance commented:
“As most of the Western world further emerged from Covid-19 restrictions throughout 2021 and 2022, Chinese insurance brands continued to face an uphill battle in their domestic markets. However, As China begins to emerge from its zero-Covid policy in 2023, its insurance brands may be able to rebound in a similar fashion to how their US based counterparts have done previously.”
Both China Life Insurance (brand value down 25% to $17.1 billion) and CPIC (brand value down 4% to $15.2 billion) in 3rd and 5th position in the ranking have also seen brand value reductions in 2023 for similar reasons to Ping An. Fellow Chinese insurance brand, China Re (brand value down 48% to $2.1 billion), is also the fastest falling brand in the ranking.
Athene (brand value up 128% to $2.6 billion) is the fastest growing insurance brand. In January 2022, Athene merged with Apollo Global Management, Inc., now operating as a subsidiary of Apollo. This has aided the brand’s significant growth, in combination with higher pension group annuity premiums compared to the prior year.
Twenty out of the twenty-six US insurance brands included in the ranking experienced brand value increases in 2023, highlighting a positive re-bound for insurance brands in the region. GEICO (brand value up 8% to $14.1 billion) was the most valuable US insurance brand, followed by Progressive (brand value up 6% to $11.8 billion), Chubb (brand value up 8% to $11.6 billion), Allstate (brand value up 22% to $11.4 billion), and Metlife (brand value up 5% to $10.9 billion). The combined brand value of the US insurance brands included in the ranking is higher than any other country – US$115.7 billion.
In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 100,000 respondents in 38 countries and across 31 sectors.
UnipolSai (brand value down 9% to $2.8 billion) is the strongest brand in the ranking with a Brand Strength Index score of 86.3 out of 100, earning it an AAA brand rating. Operating in Italy, UnipolSai has an extremely high level of brand equity within its home market. The brand has continued to deliver to its customers throughout difficult financial times and remains as one of the Italian peoples’ most highly regarded insurance providers.
As part of its analysis, Brand Finance assesses the role that specific brand attributes play in driving overall brand value. One such attribute, growing rapidly in its significance, is sustainability. Brand Finance assesses how sustainable specific brands are perceived to be, represented by a ‘Sustainability Perceptions Score’. The value that is linked to sustainability perceptions, the ‘Sustainability Perceptions Value’, is then calculated for each brand.
As well as being the world’s most valuable insurance brand, Ping An also has the highest Sustainability Perceptions Value. Like many of the world’s top brands, Ping An has a huge scope for impact due to the scale of its operations. It is important to note that Ping An’s position at the top of the table is not an assessment of its overall sustainability performance. Instead, it highlights the value that Ping An has tied up in the sustainability perception of stakeholders.