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WORLD RANKINGS |
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Instability in the global financial markets has taken its toll on several U.S. financial services firms that had figured prominently in the Global 500, Fortune magazine’s list of the world’s largest corporations. In 2008 the Federal Reserve acquired a 79.9 percent equity stake in American International Group (AIG) (listed in Fortune’s insurance and property/casualty insurance sector). This followed the federal government's takeover of Fannie Mae and Freddie Mac (in Fortune’s diversified financials sector) earlier that year. The securities and investment banking sector also saw sweeping changes. In September the Federal Reserve agreed to convert investment banks Morgan Stanley and Goldman Sachs Group Inc., into bank holding companies, making them subject to banking regulations. Earlier that month Bank of America had agreed to purchase Merrill Lynch, moving that firm into the banking system as well. Also in September, securities giant Lehman Brothers collapsed, marking the largest bankruptcy in U.S. history. The rankings that follow are based on Fortune magazine's annual analysis of the world's largest corporations, based on revenues. Fortune groups the companies into broad industry categories. Each company is assigned one category, even though some companies are involved in several industries. For example some of the leading property/casualty insurance companies also write life insurance.
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TOP TEN GLOBAL FINANCIAL SERVICES FIRMS BY REVENUES, 2007 (1)
($ millions)
Financial services industry rank |
Company |
Global 500 rank
(all industries) |
Revenues |
Profits |
Country |
Industry |
| 1 | ING Group | 7 | $201,516 | $12,649 | Netherlands | Banking |
| 2 | General Electric | 12 | 176,656 | 22,208 | U.S. | Diversified financial |
| 3 | Fortis | 14 | 164,877 | 5,467 | Belgium/Netherlands | Banking |
| 4 | AXA | 15 | 162,762 | 7,755 | France | Insurance |
| 5 | Citigroup | 17 | 159,229 | 3,617 | U.S. | Banking |
| 6 | Dexia Group | 19 | 147,648 | 3,467 | Belgium | Banking |
| 7 | HSBC Holdings | 20 | 146,500 | 19,133 | U.K. | Banking |
| 8 | BNP Paribas | 21 | 140,727 | 10,707 | France | Banking |
| 9 | Allianz | 22 | 140,618 | 10,904 | Germany | Insurance |
| 10 | Crédit Agricole | 23 | 138,155 | 8,172 | France | Banking |
| (1) Based on an analysis of companies in the Global Fortune 500.
Source: Fortune. |
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INSURANCE COMPANIES
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TOP TEN GLOBAL INSURANCE COMPANIES
BY REVENUES, 2007 (1)
($ millions)
Rank |
Company |
Revenues (2) |
Country |
Industry |
| 1 | AXA | $162,762 | France | Life/health |
| 2 | Allianz | 140,618 | Germany | Property/casualty |
| 3 | Berkshire Hathaway | 118,245 | U.S. | Property/casualty |
| 4 | Assicurazioni Generali | 113,813 | Italy | Life/health |
| 5 | American International Group (AIG) (3) | 110,064 | U.S. | Property/casualty |
| 6 | Aviva | 81,317 | U.K. | Life/health |
| 7 | Prudential | 66,358 | U.K. | Life/health |
| 8 | Munich Re Group | 64,774 | Germany | Property/casualty |
| 9 | Aegon | 62,383 | Netherlands | Life/health |
| 10 | State Farm Insurance Cos. | 61,612 | U.S. | Property/casualty |
(1) Based on an analysis of companies in the Global Fortune 500. Includes stock and mutual companies.
(2) Revenues include premium and annuity income, investment income and capital gains or losses, but exclude deposits; includes consolidated subsidiaries, excludes excise taxes.
(3) In 2008 AIG ceded 79.9 percent of its ownership to the federal government in exchange for an $85 billion loan.
Source: Fortune. |
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TOP TEN GLOBAL PROPERTY/CASUALTY INSURANCE COMPANIES
BY REVENUES, 2007 (1)
($ millions)
Rank |
Company |
Revenues (2) |
Country |
| 1 | Allianz | $140,618 | Germany |
| 2 | Berkshire Hathaway | 118,245 | U.S. |
| 3 | American International Group (AIG) (3) | 110,064 | U.S. |
| 4 | Munich Re Group | 64,774 | Germany |
| 5 | State Farm Insurance Cos. | 61,612 | U.S. |
| 6 | Zurich Financial Services | 55,163 | Switzerland |
| 7 | Allstate | 36,769 | U.S. |
| 8 | Swiss Reinsurance | 35,730 | Switzerland |
| 9 | Millea Holdings | 32,487 | Japan |
| 10 | Travelers Cos. | 26,017 | U.S. |
(1) Based on an analysis of companies in the Global Fortune 500. Includes stock and mutual companies.
(2) Revenues include premium and annuity income, investment income and capital gains or losses, but exclude deposits; includes consolidated subsidiaries, excludes excise taxes.
(3) In 2008 AIG ceded 79.9 percent of its ownership to the federal government in exchange for an $85 billion loan.
Source: Fortune. |
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TOP TEN GLOBAL LIFE/HEALTH INSURANCE COMPANIES
BY REVENUES, 2007 (1)
($ millions)
Rank |
Company |
Revenues (2) |
Country |
| 1 | AXA | $162,762 | France |
| 2 | Assicurazioni Generali | 113,813 | Italy |
| 3 | Aviva | 81,317 | U.K. |
| 4 | Prudential | 66,358 | U.K. |
| 5 | Aegon | 62,383 | Netherlands |
| 6 | CNP Assurances | 59,071 | France |
| 7 | Nippon Life Insurance | 57,859 | Japan |
| 8 | MetLife | 53,150 | U.S. |
| 9 | China Life Insurance | 43,440 | China |
| 10 | Dai-ichi Mutual Life Insurance | 39,863 | Japan |
(1) Based on an analysis of companies in the Global Fortune 500. Includes stock and mutual companies.
(2) Revenues include premium and annuity income, investment income and capital gains or losses, but exclude deposits; includes consolidated subsidiaries, excludes excise taxes.
Source: Fortune. |
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TOP TEN GLOBAL REINSURERS
BY NET REINSURANCE PREMIUMS WRITTEN, 2007
($ millions)
Rank |
Company |
Net reinsurance premiums written |
Country |
| 1 | Munich Reinsurance Co. | $30,292.9 | Germany |
| 2 | Swiss Reinsurance Co. | 27,706.6 | Switzerland |
| 3 | Berkshire Hathaway Re | 17,398.0 | U.S. |
| 4 | Hannover Rueckversicherung AG | 10,630.0 | Germany |
| 5 | Lloyd's (1) | 8,362.9 | U.K. |
| 6 | SCOR SE | 7,871.7 | France |
| 7 | Reinsurance Group of America, Inc. | 4,906.5 | U.S. |
| 8 | Transatlantic Holdings Inc. | 3,952.9 | U.S. |
| 9 | Everest Reinsurance Co. | 3,919.4 | Bermuda |
| 10 | PartnerRe Ltd. | 3,757.1 | Bermuda |
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(1) Represents an aggregation of all syndicates participating at Lloyd’s.
Source: Standard & Poor's. |
| - In 2007 global reinsurance premiums written totaled $168.0 billion, up 9.8 percent from $153.1 billion in 2006, according to Standard & Poor's.
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TOP TEN GLOBAL INSURANCE BROKERS BY REVENUES, 2007
($ millions)
Rank |
Company |
Brokerage revenues (1) |
Country |
| 1 | Marsh & McLennan Cos. Inc. | $11,281.0 | U.S. |
| 2 | Aon Corp. (2) | 7,096.0 | U.S. |
| 3 | Willis Group Holdings Ltd. (3) | 2,463.0 | U.K. |
| 4 | Arthur J. Gallagher & Co. | 1,457.2 | U.S. |
| 5 | Wells Fargo Insurance Services Inc. | 1,282.1 | U.S. |
| 6 | Jardine Lloyd Thompson Group P.L.C. | 947.3 | U.K. |
| 7 | BB&T Insurance Services Inc. | 877.4 | U.S. |
| 8 | Hilb Rogal & Hobbs Co. (3) | 780.0 | U.S. |
| 9 | Brown & Brown Inc. | 757.6 | U.S. |
| 10 | Lockton Cos. L.L.C. | 728.2 (4) | U.S. |
(1) Gross revenues generated by insurance brokerage, consulting and related services.
(2) In 2008 Aon agreed to acquire Benfield.
(3) In 2008 Willis acquired Hilb Rogal & Hobbs Co.
(4) Fiscal year ending April 30.
Source: Business Insurance, July 21, 2008. |
| - Aon is the world's largest broker based on "pure placement." This includes insurance, reinsurance and wholesale brokerage revenues but excludes employee benefits, consulting and other income. In 2007 Aon's placement revenues were $5.75 billion, followed by Marsh & McLennan Cos. ($5.40 billion), Willis ($2.16 billion), Wells Fargo ($1.03 billion) and BB&T ($809.5 million).
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TOP TEN GLOBAL REINSURANCE BROKERS
BY REINSURANCE GROSS REVENUES, 2007 (1)
($000)
Rank |
Company |
Reinsurance gross revenues |
Country |
| 1 | Aon Re Global (2) | $975,000 | U.S. |
| 2 | Guy Carpenter & Co. L.L.C. | 901,000 | U.S. |
| 3 | Benfield Group Ltd. (2) | 679,078 (3) | U.K. |
| 4 | Willis Re | 606,200 | U.K. |
| 5 | Towers Perrin | 167,250 | U.S. |
| 6 | Cooper Gay (Holdings) Ltd. | 136,200 | U.K. |
| 7 | Jardine Lloyd Thompson Group P.L.C. | 124,124 (3) | U.K. |
| 8 | John B. Collins Associates Inc. | 70,300 | U.S. |
| 9 | BMS Group | 69,619 (3) | U.K. |
| 10 | UIB Holdings Ltd. | 39,990 (3) | U.K. |
(1) Includes all reinsurance revenue reported through holding and/or subsidiary companies.
(2) In 2008 Aon agreed to acquire Benfield.
(3) Fiscal year 2007.
Source: Business Insurance, October 27, 2008. |
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BANKS
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TOP TEN GLOBAL COMMERCIAL AND SAVINGS BANKS BY REVENUES, 2007 (1)
($ millions)
Rank |
Company |
Revenues |
Country |
| 1 | ING Group | $201,516 | Netherlands |
| 2 | Fortis | 164,877 | Belgium/Netherlands |
| 3 | Citigroup | 159,229 | U.S. |
| 4 | Dexia Group | 147,648 | Belgium |
| 5 | HSBC Holdings | 146,500 | U.K. |
| 6 | BNP Paribas | 140,727 | France |
| 7 | Crédit Agricole | 138,155 | France |
| 8 | Deutsche Bank | 122,644 | Germany |
| 9 | Bank of America Corp. (2) | 119,190 | U.S. |
| 10 | UBS | 117,206 | Switzerland |
(1) Based on an analysis of companies in the Global Fortune 500.
(2) Bank of America agreed to acquire Merrill Lynch in 2008.
Source: Fortune. |
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SECURITIES
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TOP FOUR GLOBAL SECURITIES FIRMS BY REVENUES, 2007 (1)
($ millions)
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DIVERSIFIED FINANCIAL
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TOP FIVE GLOBAL DIVERSIFIED FINANCIAL COMPANIES BY REVENUES, 2007 (1)
($ millions)
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TOP TEN GLOBAL PRIVATE EQUITY FIRMS BY CAPITAL RAISED, 2003-2008 (1)
($ billions)
Rank |
Firm |
Headquarters |
Capital raised |
| 1 | The Carlyle Group | Washington, DC | $52.0 |
| 2 | Goldman Sachs Principal
Investment Area | New York, NY | 49.1 |
| 3 | TPG | Fort Worth, TX | 48.8 |
| 4 | Kohlberg Kravis Roberts | New York, NY | 39.7 |
| 5 | CVC Capital Partners | London | 36.8 |
| 6 | Apollo Management | New York, NY | 32.8 |
| 7 | Bain Capital | Boston, MA | 31.7 |
| 8 | Permira | London | 25.4 |
| 9 | Apax Partners | London | 25.2 |
| 10 | The Blackstone Group | New York, NY | 23.3 |
(1) January 1, 2003 to April 15, 2008. Capital raised for direct private equity investment over the prior five years.
Source: Private Equity International. |
| - Private equity firms generally specialize in buying companies, which they reorganize and sell to other investors or to the public through an initial public offering.
- The 50 largest global private equity firms have raised an aggregate of $810 billion in private equity direct investment capital since January 1, 2003, according to Private Equity International.
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