Insurance 100 2021

The annual report on the most valuable and strongest insurance brands

Brand Finance Insurance 100 2021

World’s Top Insurance Brands Lose Nearly $30 Billion in Brand Value

  • Total value of world’s top 100 most valuable insurance brands has declined by 6% as sector negotiates fallout from COVID-19 pandemic
  • Ping An retains title of world’s most valuable insurance brand, brand value US$44.8 billion
  • China Life overtakes Allianz to claim 2nd position in Brand Finance Insurance 100 2021 ranking, despite recording 4% decrease in brand value
  • 12 Chinese brands in ranking account for 30% of total brand value as brands leverage significant volume premium of Chinese market
  • US brands buck negative sector trends – 26 brands featured record 14% cumulative brand value growth year-on-year
  • Poste Italiane is sector’s strongest brand with AAA brand strength rating

The total value of the world’s top 100 most valuable insurance brands has declined by 6%, decreasing from US$462.4 billion in 2020 to US$433.0 billion in 2021.

As predicted, insurance brands have taken a hit this year as they negotiate the fallout from the pandemic – from the near standstill of the global economy and prolonged low interest rates to slowing development across the sector in general. They have, however, fared better than our initial predictions at the outbreak of last year, demonstrating the resilience of the world’s top insurance brands.

Declan Ahern, Director, Brand Finance

Ping An continues to lead field

Ping An is still by far the world’s most valuable insurance brand, despite recording a 26% drop in brand value to US$44.8 billion. The decline in brand value is largely attributable to the temporary drop in future earnings and revenue outlook, compared to the previous year. The brand has, however, already begun to show signs of a strong recovery as parts of the world begin to remerge from the pandemic, and therefore, if this trend continues, Ping An should see a solid increase in brand value in the coming year. 

Ping An has continued to reap the benefits of its Good Doctor app - the world's leading online healthcare platform – which posted growth in both revenue and user traffic over the last year. The app has proved central to helping combat the repercussions of the pandemic through increasing the speed of diagnoses as well as through providing faster treatment services.

China Life overtakes Allianz

China Life has overtaken Allianz (down 19% to US$20.2 billion) to claim second spot in the Brand Finance Insurance 100 2021 ranking, after recoding a slight 4% decrease in brand value to US$22.6 billion.

Three further Chinese brands feature in the top 10: CPIC (up 10% to US$15.4 billion) in 5th; AIA (down 22% to US$14.1 billion) in 6th; and PICC (down 20% to US$8.8 billion) in 9th. Overall, there are 12 Chinese brands featured in the ranking, with their cumulative brand value accounting for 30% of the total brand value. With access to a market as immense as China, this offers these brands huge potential to leverage a significant volume premium over many other markets.

CPIC is once again the fastest growing brand in the top 10, following a 10% brand value increase to US$15.3 billion. The brand has continued to focus on expansion into new markets and has been implementing its plans to onboard high-quality investors globally by making its debut on the London Stock Exchange as part of the London-Shanghai Stock connect scheme.

US brands buck trend

On the whole, US insurance brands have fared well compared to their international counterparts, with the 26 brands hailing from the nation recording a cumulative brand value growth of 14% year-on-year. Brand Finance’s research from the Global Brand Equity Monitor study shows that the majority of US insurers performed well throughout the pandemic, with consumers exhibiting high levels of brand equity. The pandemic forced many Americans to think about insurance – perhaps for the first time - and interact with health insurers, thus increasing overall demand and awareness. The two US insurance brands in the top 10 – GEICO and Progressive – have both recorded a 7% uplift in brand value.

The US is also home to the fastest growing brand in the ranking - Jackson National Life Insurance Company – which has seen an impressive 43% brand value increase to US$3.6 billion. Jackson celebrated solid financial results last year and strives towards developing its suite of products, as well as expanding its footprint. With the recent announcement that its parent company, Prudential (down 26% to US$5.0 billion), plans to separate Jackson, through demerger distribution, the impact on it brand value in the coming year will depend on how well the brand establishes its position in the market and how it implements its strategy as a single entity.

Poste Italiane is sector’s strongest

In addition to measuring overall 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. According to these criteria, Poste Italiane (down 7% to US$6.2 billion) is once again the world’s strongest insurance brand, with a Brand Strength Index (BSI) score of 86.2 out of 100 and a corresponding AAA brand strength rating.

The ability of the brand to succeed and thrive in areas that are unrelated to its core business model showcases just how strong the Poste Italiane brand is. In addition to insurance services, Poste has three other business units: mail; payments and financial services; and over 12,000 post offices located across the country, which act as bank and insurance branches. Poste is also active in mobile and fixed line internet services, and last year announced its entry into the fibre space thanks to its partnership with TIM and OpenFiber.

The crucial role that Poste has played in the digital landscape across the nation has been even more vital throughout the turbulence of the previous year. The main Italian regions have been using the Poste portal to manage Covid vaccinations reservations after the services of local administrations proved inefficient – showcasing the brand’s ability to leverage its strength and demonstrate that they can deliver value to the community in a moment of great need.