This year's Fortune Global 500 list, released for 2026, serves as a key barometer of the global economy. The report reveals that China, including Hong Kong and Taiwan, has 122 companies on the list, a decrease of eight from the previous year, placing it second only to the United States. The U.S. has 141 companies on the list, three more than last year, while mainland China (including Hong Kong) accounts for 116 companies, down from 124.
Together, the U.S., China, and Japan contribute over 60% of the total number, revenue, and profits of all listed companies. For Chinese firms, 2025 was a year of pressure. The 122 Chinese companies on the list generated approximately $10.4 trillion in revenue for the year, a 2% decline from the previous year, despite an average profit increase from $42 billion to $45 billion. However, this profit is only 40% of the average profit of U.S. listed companies.
Geographically, the Fortune Global 500 companies are spread across 242 cities in 35 countries. The top five cities—Beijing, Tokyo, New York, London, and Paris—account for nearly a quarter of all listed companies. Paris has returned to the top five for the first time since 2021.
As a specialized insurance media outlet, we focus on the changes within the insurance sector. "Insurance is everywhere," as evidenced by the 49 companies on the list whose primary business is insurance. However, many large conglomerates on the list also have significant insurance operations, even if their insurance business is not the dominant segment. For example, all Chinese banks and many foreign banks have insurance subsidiaries, and many state-owned enterprises, such as China Post Group, have ventured into insurance through entities like China Post Life Insurance. Strictly speaking, insurance has become a standard component of these large conglomerates. While analyzing only the 49 listed insurers may not fully reveal global insurance trends, these companies are representative enough to show the future direction of China's domestic insurance industry.
Where to start exploring the list
A total of 49 insurance companies have made the 2026 Fortune Global 500 list, spread across 11 countries, with most outperforming companies in other sectors. The list shows a strong regional concentration, with the U.S., Japan, China, and Europe dominating. The U.S. leads with 21 companies, followed by Japan with 8. China (including mainland and Hong Kong) has 7 companies, with Germany and Switzerland having 3 each. Canada has 2, while the UK, France, Italy, Spain, and India each have 1.
In terms of ranking changes, the industry performed well. Among the 49 listed insurers, 38 improved their rankings, 8 dropped, and 3 remained the same. This indicates that the global insurance industry is still expanding, with most insurers growing faster than companies in other sectors.
Why just 7 Chinese companies drive the market
Seven Chinese insurance companies—including Ping An Insurance (Group) Company Of China, Ltd., China Life Insurance, People's Insurance Company (Group) of China Limited, China Pacific Insurance (Group) Co., Ltd., Taikang Insurance Group, AIA Group Limited, and New China Life Insurance Company Ltd.—remain on the list. Of these, six saw their rankings improve. The most notable gain was New China Life Insurance, which jumped from 498th to 414th, a rise of 84 places. Taikang Insurance also advanced significantly, moving from 334th to 297th, a gain of 37 places. People's Insurance Company (Group) of China Limited rose from 141st to 123rd, a climb of 18 places. AIA Group, China Pacific Insurance, and China Life Insurance all saw modest single-digit improvements.
The only decline was for Ping An Insurance (Group) Company Of China, Ltd., which dropped from 47th to 48th, primarily due to strong gains by companies in other sectors. In terms of scale, these seven Chinese insurers generated a combined revenue of $621.455 billion and a net profit of $44.252 billion in 2025, accounting for 12.68% and 14.91% of the total among the 49 listed insurers, respectively.
Uncovering industry trends: The triad of comprehensive finance, health, and property insurance
Analyzing the affiliations and business tags of the listed insurers, it is clear that the 49 companies come from three highly concentrated niche sectors, reflecting the global insurance industry's survival strategies: large comprehensive financial/insurance groups (such as UnitedHealth Group, Ping An Insurance (Group) Company Of China, Ltd., and Allianz SE) that go beyond traditional insurance to include asset management, banking, and technology, providing diversified revenue sources and dominating the list's top tiers. Medical health insurance (including UnitedHealth Group, CVS Health, Cigna, and Humana Inc.) is particularly prominent among U.S. listed companies, reflecting the growing importance of the "medical + insurance" synergy model as a core profit driver and moat amid global aging and rising healthcare costs. Traditional property and casualty insurance (P&C, including Berkshire Hathaway, Chubb Limited, and Progressive Corporation) remains strong, especially in the context of frequent natural disasters and complex supply chain risks.
This highlights a trend: pure traditional life insurance or auto insurance businesses are increasingly difficult to sustain at the top of the Fortune Global 500. Companies that thrive on the list either have strong medical resource integration capabilities or powerful asset investment and cross-sector financial abilities. For Chinese insurers, the key to competing for global leadership will be transforming massive premium scales into high-quality medical, retirement, and technology service ecosystems.
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