Berkshire Hathaway Overtakes Allianz as World’s Largest Insurer by Non-Banking Assets in Latest AM Best Ranking
Berkshire Hathaway Allianz insurer ranking, AM Best top insurers 2026, non-banking assets insurance, Warren Buffett conglomerate, global insurance assets – these trending terms highlight a major shift in the insurance industry as Warren Buffett’s Berkshire Hathaway claims the No. 1 spot.
Berkshire Hathaway Inc. has dethroned Allianz SE to become the world’s largest insurance group by non-banking assets, according to AM Best’s annual ranking released on January 5, 2026. Berkshire’s non-banking assets reached $1.15 trillion in 2024, up 7.8% from the prior year, edging out Allianz’s $1.09 trillion (a 6.2% increase).
This marks the end of Allianz’s five-year reign at the top. The German giant had held the position since displacing previous leaders, but steady growth from Berkshire – fueled by its massive insurance float and diversified investments – sealed the overtake.
AM Best’s rankings focus on “non-banking assets” to compare pure insurance operations, excluding banking segments that some conglomerates hold. The top five remained otherwise stable: China Life Insurance Group, Ping An Insurance Group, and Prudential Financial rounded out third through fifth.
In a separate ranking by net premiums written (NPW), UnitedHealth Group retained the lead for the 11th year with $308.8 billion, reflecting the U.S. health insurance giant’s dominance in premiums despite not cracking the asset top 10.
Experts attribute Berkshire’s rise to its unique model: Insurance subsidiaries like GEICO and Berkshire Hathaway Reinsurance generate “float” – premiums collected upfront and invested before claims are paid – amplifying asset growth under Buffett’s value-investing strategy. Even post-Buffett’s CEO retirement at the end of 2025 (he remains chairman at age 95), successor Greg Abel continues the approach.
Public reactions praise the milestone as validation of Berkshire’s long-term discipline, with shares hitting new highs. Analysts note increased competition for smaller insurers as mega-groups like these expand into cyber, climate, and specialty lines.
For U.S. readers, this underscores American firms’ growing global clout in insurance, impacting everything from auto rates (GEICO) to reinsurance stabilizing markets after disasters. Economically, larger asset bases enhance resilience against claims spikes, while politically, it ties into debates on corporate scale and regulation.
The full top 10 by non-banking assets:
- Berkshire Hathaway (U.S.) – $1.15T
- Allianz SE (Germany) – $1.09T
- China Life Insurance (China)
- Ping An Insurance (China)
- Prudential Financial (U.S.) And others including Legal & General, AXA, and MetLife.
Berkshire Hathaway Allianz insurer ranking, AM Best top insurers 2026, non-banking assets insurance, Warren Buffett conglomerate, global insurance assets – this leadership change signals evolving dynamics in a trillion-dollar industry.
By Sam Michael
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