The finance sector is among the most profitable sectors in the world and it comes as no surprise, does it. I mean it is finance. It is an industry that is necessary for everybody and the demand on that sector never dies. Among the sectors within the industry that rakes in money is the insurance sector. It is easily among the most profitable sectors in the finance industry.
This is because of two basic reasons, firstly everybody requires insurance of one sort or the other. Especially in developed countries, medical insurance is mandatory whether you require it or not. This makes the presence of insurance companies all the more worthwhile.
The other reason is that most insurance companies are made in a way that there are countless loopholes to withhold the insurance claim and the money they initially rake in can be invested however they want. This has led to the rise of some big-time insurance companies like you will see.
AIA Group Limited
The AIA group is a Singapore based financial services company. Established exactly a century ago in 1919, the company is currently headquartered in Hong Kong and is the largest Pan-Asian insurance group. It has its presence in 18 different markets including China, Australia, New Zealand, India, and Cambodia and specialises in life insurance and other financial services. It is one of the main sponsors of the Premiere League team Tottenham Hotspurs.
Anybody who is a football fan will recognise this company, even if they don’t know anything about the finance or insurance industry. AIG is associated with one of the most successful football clubs in the world, Manchester United. You know a company has money, if they can sponsor one of the best clubs in the world. The Shanghai based AIG operates in three segments including general insurance (commercial and personal insurance), life, and retirement, as well as a technology subsidiary called Blackboard Insurance and is currently headquartered in New York City.
Another familiar name for footballers would be Allianz SE. One of the oldest companies in the industry, it is the title sponsor of Bayern Munich’s home stadium, named Allianz Arena. Based in Germany, the company was established in 1890 to provide products and services from insurance to asset management.
Serving in 56 countries with over a 102 million customers, AXA is a Paris based company that caters to more than half the developed world. It was founded in 1816, when a lot of insurance companies merged together and mainly provides property and casualty insurance, life insurance, savings, and asset management.