China’s Ping An prevails as the world’s most valuable insurance brand for six years running
NRMA Insurance from Australia is the world’s fastest-growing insurance brand
Germany’s Allianz clocks highest Sustainability Perceptions Value of USD3.7 billion
Chinese brands continue to dominate the ranking of the world’s most valuable insurance brands, with Ping An (brand value up 4% to USD33.6 billion), China Life Insurance (brand value up 2% to USD17.5 billion) and CPIC (brand value up 1% to USD15.3 billion) defending their respective 1st, 3rd and 5th places, according to a new report by Brand Finance, the world’s leading brand valuation consultancy. Meanwhile, Germany’s Allianz (brand value up 17% to USD24.6 billion) and France’s AXA (brand value up 4% to USD16.6 billion) retain their spots in 2nd and 4th place respectively to form the Top 5.
India’s LIC (brand value steady at USD9.8 billion) has become the strongest insurance brand, with a brand strength index score of 88.3 and associated AAA brand strength rating. The second strongest brand is Cathay Life Insurance (brand value up 9% to USD4.9 billion) just ahead of NRMA Insurance (brand value up 82% to USD1.3 billion).
Among the 74 brands that have seen their brand values grow from 2023’s rankings, Australia’s NRMA Insurance (brand value up 82% to USD1.3 billion) and Denmark’s Tryg (brand value up 66% to USD1.6 billion) are the fastest-growing brands in the ranking.
Alex Haigh, Managing Director of Brand Finance Asia Pacific commented: “The continued growth of Chinese insurance brands in the global market underscores their strategic agility and relentless pursuit of innovation while their European counterparts such as Allianz and AXA demonstrate remarkable adaptability through customer-centric strategies and digital transformations.
Our research shows that these players are well poised for growth in an increasingly competitive landscape.”
Brand Finance also compiles a Sustainability Perceptions Index which determines the role of sustainability in driving brand consideration across sectors. This Index calculates the proportion of brand value attributable to sustainability perceptions, also known as Sustainability Perceptions Value (SPV). SPV is therefore the financial value contingent on a brand’s reputation for acting sustainably. From here, Brand Finance’s perceptual research is analysed alongside CSRHub’s environmental, social and governance (ESG) performance data to determine a brand’s ‘gap value’. This is the value at risk, or value to be gained, arising from the difference between sustainability perceptions and actual performance.
The latest iteration of the study finds that in the insurance sector, Allianz has the highest Sustainability Perceptions Value of USD3.7 billion and the highest positive gap value of USD299 million. Both Allianz’s perceptual and performance scores on sustainability were above the insurance sector’s average across ESG dimensions. This not only demonstrates strong external awareness of Allianz’s sustainability efforts and communications, but that the brand’s ESG performance supports this perception.
Allianz’ highest positive gap value among sector peers implies that it has the potential to generate an additional USD299 million in value given the brand’s continuous and comprehensive sustainability efforts. A positive gap value means that brand sustainability performance is stronger than perceived: brands can add value through enhanced communication about their sustainability efforts, so that perceptions are raised to fully account for the brand’s actual sustainability performance.