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Stellar brand value from Ping An moves China into pole position on global insurance stage

15 May 2019
This article is more than 1 year old.
  • Ping An strengthens its position as world’s most valuable brand, valued at US$50.5 billion after whopping 93% increase since last year
  • Chinese insurance brands Ping An, China Life and AIA hold top 3 positions in Life Insurance sector’s top ten
  • GEICO, brand value rises 34% to US$8.8 billion, leaps four places to join this year’s top ten for first time
  • New entrant Discovery is world’s second strongest insurance brand, South African health insurer logs impressive 85.97 out of 100 Brand Strength Index (BSI) score

View the Brand Finance Insurance 100 2019 report here

Ping An is the world’s strongest and most valuable insurance brand, with its brand value up 93% to US$50.5 billion, according to the latest report by Brand Finance, the world’s leading independent brand valuation consultancy. The brand is seeing its investment in technology now beginning to pay off and reap benefits. To attract China’s more than 500 million internet users, 1% of the insurance group’s annual revenue has been spent on Research & Development. Business is being won by improving understanding of consumers based on data collection through online services. Last year, it is said, 36% of 40million new insurance customers came to the company that way. InsurTech and FinTech solutions remain an integral part of Ping An’s ongoing strategy. Ping An is also the fourth most valuable brand in China.

David Haigh, CEO of Brand Finance, commented:

“Ping An, China Life, and other Chinese insurance brands are once again benefiting from the growth of the middle-class consumer and their own ability to tap into the power of technology to sharpen their business. Whilst cybersecurity incidents and business interruptions dominate risk landscapes for companies of all sizes in the global market, innovative products, new health insurance products and good use of technology have made this a positive year for many insurance brands.”

Global success for China

The total brand value for all insurance brands in China, according to this year’s Brand Finance Insurance 100 report, is US$98.2 billion. This earns it pole position in the global insurance market. The US drops to second place with a brand value of US$78.1 billion.

Brand value for China Life is up from US$14.4 billion to US$21.8 billion, and more growth is likely for it, PICC and CPIC. In Asia-Pacific (APAC) growth continues across life, health, property and casualty (P&C) insurance. The strongest growth is seen in health insurance. While India is increasing its health insurance penetration on its rural population, China is focusing health insurance and long-term care insurance on its aging population. By 2050 39% of the Chinese people will be over 65.

The benefit of blockchain

AIA, with a brand value up 51% from US$10.3billion to US$15.5 billion, retains its title as Hong Kong’s premier brand. The brand is flexing its technological muscles, having recently launched a blockchain-enabled bank assurance platform, allowing it and its bank distributers to share policy data and digital documents in real time. The platform also reconciles commissions automatically through smart contracts.

Similarly, European giant AXA is offering flight-delay insurance over a blockchain platform with parametric triggers and smart contracts. Restructuring at AXA seeks to strengthen its health, property and damages insurance businesses and reduce its dependence on life insurance. The brand’s acquisition of Bermuda based XL Group for US$15.4 billion and PICC Groups IPO–the first insurance brand to list on China’s mainland in seven years – indicates a real sense of confidence and growth ambition.

Cross-sector spotlight

While Chinese insurance brands Ping An, China Life, and AIA, hold the top 3 positions in the Life Insurance sector’s top ten, Munich-headquartered Allianz is snapping at their heels in 4th position and Prudential (UK) in 9th place reports strong performance from its Asian business activities.

Ping An, also tops the table in the P&C Insurance sector, but this time Allianz is in second place with a brand value of US$11.9 billion. 3rd, 4th and 5th places are held by US companies GEICO, Allstate and Progressive. GEICO’s brand value has risen 34% to US$8.8 billion, leaping four places to join this year’s top ten for the first time. The brand’s competitive offering for auto insurance has helped it stay ahead of its competitors.

Only one Chinese brand, China Re, features in the Reinsurance sector top ten, sitting in 6th place with brand value of US$1.1 billion. The brand’s success can be attributed to its acquisition of London’s Chaucer, in a move to expand towards a more global position. The top three places in this year’s Brand Finance Insurance 100 are filled by Swiss Re, (brand value US$4.2 billion); Hannover Re (US$2.7 billion) and Munich Re at US$2.4 billion. Munich Re has aired its concerns around global warming for significant losses in the Californian wildfires and warns that subsequent premium rises could become a critical social issue. Average annual wildfire losses trailed well below US$5.0 billion, until 2017 and 2018, when they rose to more than US$20.0 billion.

Notable new entrant

Discovery is a new entrant to this year’s Brand Finance Insurance 100 2019, scoring an impressive brand strength index (BSI) score of 85.97 out of 100, making it the world’s second strongest insurance brand. Discovery is South Africa's largest health-insurance administrator and has seen major success through its Vitality rewards scheme which awards points for completing various online health assessments and routine medical checks. The brand is also launching a bank later this year.


Note to Editors
Every year, leading valuation and strategy consultancy Brand Finance values the world’s biggest brands. The 100 most valuable insurance brands in the world are included in the Brand Finance Insurance 100 2019 report.

Brand value is understood as the net economic benefit that a brand owner would achieve by licensing the brand in the open market. Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors.

Additional insights, more information about the methodology, as well as definitions of key terms are available in the Brand Finance Insurance 100 2019 report.

Brand Finance helped craft the internationally recognized standard on Brand Valuation – ISO 10668, and the recently approved standard on Brand Evaluation – ISO 20671.

Data compiled for the Brand Finance league tables and reports are provided for the benefit of the media and are not to be used for any commercial or technical purpose without written permission from Brand Finance.

Media Contacts

Konrad Jagodzinski
Konrad Jagodzinski
Communications Director
Brand Finance
Florina Cormack-Loyd
Florina Cormack-Loyd
Senior Communications Manager
Brand Finance

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