Insurance companies provide risk management to individuals, businesses, and institutional clients through contracts. Although there are a multitude of different types of insurance companies, the basic principle is that the insurer guarantees payment or reimbursement in the event of losses for the insured. Thanks to pooled risk, insurers historically have been able to offer clients affordable rates in many cases. Insurance companies offer policies offering coverage for losses related to accidents, health, property, homeownership, professional liability, malpractice, and casualty, among other areas.

These are the 10 biggest insurance companies by 12-month trailing revenue. This list is limited to companies that are publicly traded in the U.S. or Canada, either directly or through ADRs. Some companies outside the U.S. report profits semi-annually instead of quarterly, so the 12-month trailing data may be older than it is for companies that report quarterly. Data is courtesy of YCharts.com. All figures as of August 3, 2020.

Some of the stocks below are only traded over-the-counter (OTC) in the U.S., not on exchanges. Trading OTC stocks often carries higher trading costs than trading stocks on exchanges. This can lower or even outweigh potential returns.

#1 Berkshire Hathaway (BRK.A)

  • Revenue (TTM): $237.2 billion
  • Net Income (TTM): $10.0 billion
  • Market Cap: $475.7 billion
  • 1-Year Trailing Total Return: -4.9%
  • Exchange: New York Stock Exchange

Berkshire Hathaway Inc. is a major conglomerate and one of the nation's premier insurance companies, also owning businesses in sectors such as rail transportation, utilities and energy, manufacturing, services, and retailing. Berkshire provides primary insurance, as well as reinsurance of property and casualty risks through companies such as GEICO, Berkshire Hathaway Reinsurance Group, Berkshire Hathaway Primary Group, General Re, National Indemnity Company and others.

#2 Ping An Insurance (Group) Co. of China Ltd. (PNGAY)

  • Revenue (TTM): $144.8 billion
  • Net Income (TTM): $18.7 billion
  • Market Cap: $194.0 billion
  • 1-Year Trailing Total Return: -7.5%
  • Exchange: OTC

Ping An Insurance is involved primarily in insurance, financial services, and banking. It is one of the top 50 companies listed on the Shanghai Stock Exchange. Founded in 1988, it was China's first joint-stock insurance company. Its subsidiaries include Ping An Life, Ping An Property & Casualty, Ping An Annuity, and Ping An Health, among many others.

#3 AXA SA (AXAHY)

  • Revenue (TTM): $139.5 billion
  • Net Income (TTM): $4.3 billion
  • Market Cap: $48.2 billion
  • 1-Year Trailing Total Return: -17.2%
  • Exchange: OTC

AXA is one of the world's leading insurance groups with major businesses in property and casualty insurance, life insurance, savings, and asset management. Several insurance companies merged to create AXA in the 1990s. It does business in all major global markets.

#4 China Life Insurance Co. Ltd. (LFC)

  • Revenue (TTM): $105.6 billion
  • Net Income (TTM): $8.4 billion
  • Market Cap: $64.9 billion
  • 1-Year Trailing Total Return: -6.3%
  • Exchange: New York Stock Exchange

China Life Insurance is one of the mainland's largest state-owned insurance and financial services companies, as well as a key player in the Chinese capital market as an institutional investor. The company was founded in 1949, the year that the People's Republic if China was founded. The company today has numerous subsidiaries spread across life insurance, pension plans, asset management, property and casualty, and investment holdings.

#5 Allianz SE (ALIZY)

  • Revenue (TTM): $101.2 billion
  • Net Income (TTM): $8.2 billion
  • Market Cap: $85.9 billion
  • 1-Year Trailing Total Return: -13.4%
  • Exchange: OTC

Allianz is a leading global financial services company, providing products and services from insurance to asset management. It offers insurance products ranging from property and casualty policies to health and life insurance for corporate and individual customers. The company is headquartered in Germany.

#6 Prudential PLC (PUK)

  • Revenue (TTM): $93.7 billion
  • Net Income (TTM): $0.8 billion
  • Market Cap: $37.8 billion
  • 1-Year Trailing Total Return: -17.2%
  • Exchange: New York Stock Exchange

Prudential PLC is a London-based insurance and investment services company offering products ranging from life, health, accident, property, and casualty policies to pensions, equity plans, mortgages and other financial services. Prudential also caters to customers in all major global markets, including in the U.K., its home market.

#7 Aviva PLC (AVVIY)

  • Revenue (TTM): $90.6 billion
  • Net Income (TTM): $3.3 billion
  • Market Cap: $13.8 billion
  • 1-Year Trailing Total Return: -27.1%
  • Exchange: OTC

U.K.-based Aviva PLC is an international insurance company offering transport, aviation, marine, fire, motor, and life insurance products, as well as a range of financial services. Its UK Life business and General Insurance business are leaders in their home market in the U.K.

#8 Assicurazioni Generali (ARZGY)

  • Revenue (TTM): $86.9 billion
  • Net Income (TTM): $1.8 billion
  • Market Cap: $24.9 billion
  • 1-Year Trailing Total Return: -12.7%
  • Exchange: OTC

Headquartered in Italy, Assicurazioni Generali is an international insurance provider. The company offers a variety of life, non-life, and reinsurance products. While a large portion of Assicurazioni Generali's business is in Europe, it has a growing presence in Asia and Latin America.

#9 Legal & General Group PLC (LGGNY)

  • Revenue (TTM): $85.9 billion
  • Net Income (TTM): $2.4 billion
  • Market Cap: $16.8 billion
  • 1-Year Trailing Total Return: -4.0%
  • Exchange: OTC

Legal & General Group is a London-based financial services and insurance company. With a worldwide customer base, the company provides a range of asset management, retirement, savings, and general insurance products.

#10 The People's Insurance Co. (Group) of China Ltd. (PINXY)

  • Revenue (TTM): $76.4 billion
  • Net Income (TTM): $3.2 billion
  • Market Cap: $14.7 billion
  • 1-Year Trailing Total Return: -17.7%
  • Exchange: OTC

With the Chinese central government as its controlling shareholder, The People's Insurance Co. operates a number of subsidiaries that provide property, life, pension, and health insurance products, as well as reinsurance and various other offerings. The company also offers asset management services.