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Ping An remains world’s most valuable insurance brand as big insurance brands struggle

06 April 2023
This article is more than 1 year old.

View the full Brand Finance Insurance 100 2023 report here

Ping An is the world’s most valuable Insurance brand at US$32.2 billion, despite 25% fall

Ping An is the world’s most valuable Insurance brand for the 7th consecutive year, with a brand value of US$32.2 billion. The Chinese brand retains this title, despite a 25% year-on-year brand value reduction.

Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test, and publishes over 100 reports, ranking brands across all sectors and countries. The world’s top 100 most valuable and strongest Insurance brands are included in the annual Brand Finance Insurance 100 2023 ranking.

Ping An has faced difficult domestic operating conditions over the past two years as China’s domestic economic growth has been hindered by reduced consumer confidence, supply chain disruption, and sporadic COVID-19 outbreaks. This has reduced household consumption recovery, which has had an impact on Ping An’s premiums, and is reflected in its forecasts and brand value reduction.

Alex Haigh, Managing Director, Asia Pacific, Brand Finance commented:

“As most of the Western world further emerged from Covid-19 restrictions throughout 2021 and 2022, Chinese insurance brands continued to face an uphill battle in their domestic markets. However, As China begins to emerge from its zero-Covid policy in 2023, its insurance brands may be able to rebound in a similar fashion to how their US based counterparts have done previously.”

Chinese Insurance brands struggle and see widespread brand value reductions

Both China Life Insurance (brand value down 25% to $17.1 billion) and CPIC (brand value down 4% to $15.2 billion) in 3rd and 5th position in the ranking have also seen brand value reductions in 2023 for similar reasons to Ping An. Fellow Chinese insurance brand, China Re (brand value down 48% to $2.1 billion), is also the fastest falling brand in the ranking.

Athene is the fastest-growing Insurance brand, up 128%

Athene (brand value up 128% to $2.6 billion) is the fastest growing insurance brand. In January 2022, Athene merged with Apollo Global Management, Inc., now operating as a subsidiary of Apollo. This has aided the brand’s significant growth, in combination with higher pension group annuity premiums compared to the prior year.

US based insurance brands push for further growth, aggregate brand value up 10%

Twenty out of the twenty-six US insurance brands included in the ranking experienced brand value increases in 2023, highlighting a positive re-bound for insurance brands in the region. GEICO (brand value up 8% to $14.1 billion) was the most valuable US insurance brand, followed by Progressive (brand value up 6% to $11.8 billion), Chubb (brand value up 8% to $11.6 billion), Allstate (brand value up 22% to $11.4 billion), and Metlife (brand value up 5% to $10.9 billion). The combined brand value of the US insurance brands included in the ranking is higher than any other country – US$115.7 billion.

UnipolSai is strongest Insurance brand, earning AAA rating

In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 100,000 respondents in 38 countries and across 31 sectors.

UnipolSai (brand value down 9% to $2.8 billion) is the strongest brand in the ranking with a Brand Strength Index score of 86.3 out of 100, earning it an AAA brand rating. Operating in Italy, UnipolSai has an extremely high level of brand equity within its home market. The brand has continued to deliver to its customers throughout difficult financial times and remains as one of the Italian peoples’ most highly regarded insurance providers.

Ping An has the highest Sustainability Perceptions Value at US$2.7 billion

As part of its analysis, Brand Finance assesses the role that specific brand attributes play in driving overall brand value. One such attribute, growing rapidly in its significance, is sustainability. Brand Finance assesses how sustainable specific brands are perceived to be, represented by a ‘Sustainability Perceptions Score’. The value that is linked to sustainability perceptions, the ‘Sustainability Perceptions Value’, is then calculated for each brand.

As well as being the world’s most valuable insurance brand, Ping An also has the highest Sustainability Perceptions Value. Like many of the world’s top brands, Ping An has a huge scope for impact due to the scale of its operations. It is important to note that Ping An’s position at the top of the table is not an assessment of its overall sustainability performance. Instead, it highlights the value that Ping An has tied up in the sustainability perception of stakeholders.


Media Contacts

Penny Erricker
Communications Executive
Brand Finance

About Brand Finance

Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance for more than 25 years, Brand Finance evaluates the strength of brands and quantifies their financial value to help organizations of all kinds make strategic decisions.

Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.

Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on over 5,000 brands, surveying more than 150,000 respondents across 38 countries and 31 industry sectors. Combining perceptual data from the Global Brand Equity Monitor with data from its valuation database enables Brand Finance to arm brand leaders with the data and analytics they need to enhance brand and business value.

Brand Finance is a regulated accountancy firm, leading the standardization of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.

Definition of Brand

Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.

Brand Strength

Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.

Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.

Brand Valuation Approach

Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.

The steps in this process are as follows:

1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.

2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.

3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.

4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.

5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.

6 Apply the royalty rate to the forecast revenues to derive brand revenues.

7 Discount post-tax brand revenues to a net present value which equals the brand value.


Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.

The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.

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