Here are the top 5 largest insurance companies in the UK, based on their total gross written premiums in 2023:
- Aviva plc – £17.3 billion
- Direct Line Insurance Group plc – £3.7 billion
- Legal & General Group plc – £3.5 billion
- RSA Insurance Group plc – £2.8 billion
- Lloyd’s of London – £2.6 billion
It’s worth noting that there are many other reputable insurance companies operating in the UK market as well, including AIG, Allianz, AXA, Zurich, and many others.
1.Aviva plc
Aviva plc is a multinational insurance company based in the United Kingdom, with a history dating back to 1696. It is one of the largest insurance companies in the world, with operations in over 16 countries and serving more than 33 million customers worldwide.
Aviva offers a wide range of insurance products, including life insurance, general insurance, health insurance, and asset management services. In the UK, the company operates through several subsidiaries, including Aviva Life Insurance Company Ltd, Aviva Insurance Ltd, and Aviva Investors.
Aviva is committed to sustainability and social responsibility, and has set ambitious targets to reduce its carbon emissions and promote responsible investing. The company also supports a number of charitable organizations and initiatives, including the Aviva Foundation and the Aviva Community Fund, which provides funding to local community projects across the UK.
In 2020, Aviva’s total gross written premiums amounted to £17.3 billion, making it the largest insurance company in the UK by this measure.
2.Direct Line Insurance Group plc
Direct Line Insurance Group plc is a UK-based insurance company that offers a wide range of insurance products including car, home, travel, pet, and life insurance. The company was founded in 1985 and was the first company in the UK to sell car insurance directly to customers over the phone.
Direct Line operates several brands in addition to its eponymous brand, including Churchill, Green Flag, and Privilege. It has over 10 million customers in the UK and offers insurance through various distribution channels, including its own website, call centers, and comparison websites.
The company has a strong focus on customer service and claims handling, with its UK-based claims centers offering 24/7 support. Direct Line also offers a range of additional services to customers, such as home emergency cover, legal protection, and breakdown cover.
In 2020, Direct Line Insurance Group plc reported total gross written premiums of £3.7 billion, making it one of the largest insurance companies in the UK.
3.Legal & General Group plc
Legal & General Group plc is a UK-based financial services company that offers a wide range of insurance, investment, and retirement products. The company was founded in 1836 and is one of the UK’s oldest and largest insurance companies, serving more than 10 million customers in over 20 countries.
Legal & General offers a variety of insurance products including life insurance, critical illness insurance, income protection, and home insurance. It also provides a range of investment and retirement products, such as pensions, annuities, and investment funds.
The company has a strong focus on responsible investing and has set ambitious targets to invest in sustainable projects and reduce carbon emissions. It also supports a number of charitable initiatives, including the Legal & General Foundation, which provides funding to charities and community organizations in the UK.
In 2020, Legal & General reported total gross written premiums of £3.5 billion, making it one of the largest insurance companies in the UK by this measure.
6.RSA Insurance Group plc
RSA Insurance Group plc is a UK-based multinational insurance company that operates in over 100 countries. The company offers a range of insurance products, including personal and commercial insurance, marine insurance, and liability insurance.
RSA has a strong presence in the UK market, with subsidiaries such as More Than, a leading car and home insurance provider, and RSA Insurance Ireland, which offers a range of insurance products to customers in Ireland.
The company also operates in other regions, including Canada, Scandinavia, and the Middle East, and has a significant presence in emerging markets such as Brazil and China.
In addition to its core insurance operations, RSA is committed to sustainability and responsible investing. The company has set ambitious targets to reduce its carbon emissions and support sustainable projects, and it also supports a number of charitable initiatives, including the RSA Foundation, which provides funding to organizations working to support vulnerable people and communities.
In 2020, RSA reported total gross written premiums of £2.8 billion, making it one of the largest insurance companies in the UK.
5.Lloyd’s of London
Lloyd’s of London is not an insurance company, but rather a marketplace where insurance underwriters and brokers come together to provide specialized insurance products and services. Lloyd’s of London is located in London, UK, and was founded in 1686.
The insurance products offered at Lloyd’s of London cover a wide range of risks, from property damage and liability to cyber risk and political risks. Lloyd’s of London has a unique business model in which individual underwriters assume the risk for each policy they underwrite, rather than a single company taking on all the risk.
Lloyd’s of London is known for its expertise in providing specialized insurance coverage for high-risk or complex situations, such as natural disasters, major sporting events, and space launches. The company also has a strong reputation for innovation and is often at the forefront of developing new insurance products and services.
In 2020, Lloyd’s of London reported total gross written premiums of £35.5 billion, making it one of the largest insurance marketplaces in the world.