The insurance industry of the United Kingdom is one of the largest in the world and it is a world leader as an exporter of insurance to the rest of the world.
The UK general insurance market continues to be fiercely competitive, but is troubled by sustained low profitability fuelled by the predominance of online distribution channels (aggregators, brokers and other direct distributors). The specialty and commercial lines market are the world’s largest, and truly global. Despite its traditional image, the pace of change is accelerating considerably, with increasing focus on new product development to address emerging risks, use of new technologies and evolving culture.
Against this backdrop, the UK insurance market is entering one of the most significant and intense periods of change in its history. In this work, we are going to present the rank of the largest insurance companies in UK by total assets and market cap, which still remains today, two of the most widely used indicators for comparing banks with each other.
Let’s now see the 16 largest insurance companies in the UK by assets.
| Rank | Company | Assets |
| 1 | Legal & General Group | 561 |
| 2 | Aviva plc | 460 |
| 3 | Prudential plc | 347 |
| 4 | Phoenix Group Holdings | 243 |
| 5 | St. James’s Place | 117 |
| 6 | AEGON UK | 83 |
| 7 | Just Group | 22 |
| 8 | RSA Insurance Group | 20 |
| 9 | NFU Mutual | 20 |
| 10 | Liverpool Victoria | 16 |
| 11 | Direct Line Insurance Group | 9 |
| 12 | AIG Holdings Europe | 9 |
| 13 | Chesnara PLC | 8 |
| 14 | AXA Insurance UK plc | 8 |
| 15 | Admiral Group | 6 |
| 16 | Allianz Insurance plc | 5 |
In the top of the ranking of the largest insurance companies in the UK by assets is Legal & General Group with 561 billion USD in assets. In the second place is Aviva plc with 460 billion USD in assets, followed by Prudential plc with about 347 billion USD in assets. Phoenix Group Holdings is fourth and St. James’s Place fifth.
In the last three places of the ranking of the largest UK insurance companies by assets there are AXA Insurance UK plc with 8 billion USD, Admiral Group with 6 billion USD and Allianz Insurance plc with 5 billion USD.
Let’s now see the 8 largest insurance companies in the UK by market capitalisation.
| Rank | Name | Market Cap. |
| 1 | Prudential plc | 28,9 |
| 2 | Legal & General | 11,3 |
| 3 | Aviva plc | 11,2 |
| 4 | Admiral Group | 7,8 |
| 5 | Phoenix Group | 6,9 |
| 6 | St. James’s Place | 5,0 |
| 7 | RSA Insurance Group | 4,7 |
| 8 | Direct Line Insurance Group | 3,7 |
In the top of the ranking of the largest insurance companies in the UK by assets is Prudential plc with a market cap of 28.9 billion USD. In the second place is Legal & General with a market cap of 11.3 billion USD, followed by Aviva plc with a market cap about 11.2 billion USD in. Admiral Group is fourth and Phoenix Group fifth.
In the last three places of the ranking of the largest UK insurance companies by assets there are St. James’s Place with a market cap of 5 billion USD, RSA Insurance Group with a market of 4.7 billion USD and Direct Line Insurance Group with a market of 3.7 billion USD.
The data used in this work have been collected from the main financial sites and are expressed in billions of USD. For all of the insurance companies, the total assets refer to the 31/12/2019 balance sheet and the market capitalisation refer to the 30/09/2020.