As new economies grow, insurance companies expand into new countries, offering specialised insurance products and, in the process, creating gigantic conglomerates. Insurance businesses have been able to expand their activities across borders thanks to globalisation, technology, expanding markets, and favourable political climates. Most of these companies have interests in a variety of industries and their insurance subsidiaries generate billions of dollars in revenue. The following are the top insurance firms that made the most money in 2015.

Berkshire Hathaway

Berkshire Hathaway Inc. earned $210.8 billion in sales, making it the world’s most lucrative insurance company. Oliver Chance created the company in 1889, and it started off as a low-performing textile factory. Its headquarters are in Omaha, Nebraska, United States. Berkshire Hathaway is a corporation that owns a number of insurance firms.

Berkshire has a number of subsidiaries and linked enterprises, including GEICO Corp., which has nine insurance companies operating in 50 US states and specialises in auto insurance. It is the United States’ second-largest vehicle insurance provider. The General Re Corporation provides insurance and reinsurance globally through its subsidiaries and affiliates. The Berkshire Hathaway Reinsurance Group and US Investment Corporation (USIC) are made up of smaller insurance businesses with subsidiaries all over the world. Warren Buffet is the company’s Chief Executive Officer and the driving force behind its phenomenal expansion. The Vice Chairman is Charlie Munger. Decentralization is the management style in which most authority is handed to local managers who are obliged to submit reports and cash.

AXA

AXA Insurance Firm earned $147.5 billion in sales, making it the world’s second most lucrative multinational insurance company. Its headquarters are in Paris, France, and it was created in 1817 by the merger of various insurance businesses. AXA is a multinational corporation with operations primarily in Europe, North America, Asia-Pacific, and North America. AXA is France’s second-largest corporation.

Its Insurance Companies provide a wide range of insurance products, including life, savings, health, auto, investments, and retirement. AXA Financial in the United States, AXA UK in the United Kingdom, AXA Konzern in Germany, and AXA Belgium in Belgium are among them. AXA’s activities are overseen by a board of sixteen members, six of whom are from nations other than the United States.

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