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Public Comps and Valuation Multiples for Insurance Carriers

Benchmark revenue and EBITDA valuation multiples for public comps like
Berkshire Hathaway, Allianz, China Life, Ping An Insurance and Chubb.

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Insurance Carriers

Viewing 50 of 250 companies with full data

Company	Market Cap	Enterprise Value	LTM Revenue	EV/LTM Revenue	EV/LTM EBITDA
Berkshire Hathaway	$1.1T	$1.1T	$373B	3.0x	—
Allianz	$164B	$167B	$221B	0.8x	8.1x
China Life	$161B	$152B	$93B	1.6x	6.3x
Ping An Insurance	$159B	$225B	$148B	1.5x	—
Chubb	$134B	$154B	$55B	2.8x	11.8x
Progressive	$125B	$132B	$84B	1.6x	8.9x
AIA Group	$114B	$119B	$23B	5.3x	13.1x
Zurich Insurance Group	$105B	$114B	$63B	1.8x	25.1x
AXA	$98B	$161B	$127B	1.3x	12.4x
Munich Re	$84B	$86B	$83B	1.0x	8.3x
Cigna Group	$77B	$105B	$277B	0.4x	8.2x
Tokio Marine	$76B	$71B	$53B	1.3x	8.3x
Travelers	$67B	$76B	$45B	1.7x	9.3x
Elevance Health	$65B	$87B	$197B	0.4x	9.0x
Generali	$61B	$97B	$115B	0.8x	10.5x
Life Insurance Corporation of India	$60B	$54B	$105B	0.5x	—
Manulife	$59B	$55B	$26B	2.1x	23.3x
Aflac	$59B	($37B)	$17B	(2.1x)	(7.2x)
Allstate	$55B	$64B	$60B	1.1x	5.3x
China Pacific Insurance	$52B	$49B	$62B	0.8x	6.3x
People's Insurance Co	$51B	$54B	$93B	0.6x	—
MetLife	$48B	$63B	$78B	0.8x	6.9x
PICC Property & Casualty	$45B	$46B	$75B	0.6x	5.4x
Great-West Lifeco	$44B	$50B	$3B	14.2x	—
AIG	$44B	$51B	$27B	1.9x	11.2x
Fubon Financial	$41B	$55B	$10B	5.3x	—
MS&AD Insurance Group	$40B	$33B	$42B	0.8x	6.4x
The Hartford	$39B	$44B	$29B	1.5x	9.3x
Prudential plc	$38B	$37B	$7B	5.6x	10.8x
Sun Life	$36B	$46B	$4B	11.1x	11.7x
Arch Capital Group	$36B	$39B	$17B	2.3x	9.1x
Cathay Financial Holdings	$36B	$50B	$12B	4.0x	—
Fairfax Financial	$36B	$37B	$33B	1.1x	—
Dai-ichi Life	$35B	$30B	$65B	0.5x	7.6x
Prudential	$35B	$56B	$58B	1.0x	6.5x
Sompo Holdings	$35B	$30B	$33B	0.9x	5.7x
Intact Financial Corp.	$34B	$39B	$19B	2.1x	11.9x
Power Corporation of Canada	$32B	$45B	$14B	3.2x	—
Swiss Life	$32B	$39B	$27B	1.5x	—
Talanx	$32B	$35B	$58B	0.6x	5.5x
New China Life Insurance	$30B	$29B	$20B	1.5x	4.0x
Sampo	$28B	$30B	$11B	2.8x	11.0x
Samsung Life Insurance	$28B	$39B	$704M	56.0x	—
Aviva	$28B	$9B	$72B	0.1x	3.1x
WR Berkley	$28B	$28B	$13B	2.2x	9.4x
Markel Group	$26B	$26B	$11B	2.5x	—
Cincinnati Financial	$26B	$26B	$10B	2.5x	—
Loews Corporation	$23B	$32B	$18B	1.7x	—
QBE Insurance	$23B	$25B	$19B	1.3x	9.8x
SBI Life Insurance	$23B	$23B	$11B	2.1x	65.9x
Humana Inc.	$23B	$X.XB	$135B	X.Xx	X.Xx
Centene	$22B	$X.XB	$194B	X.Xx	X.Xx
NN Group	$21B	$X.XB	$16B	X.Xx	X.Xx
Jio Financial Services	$18B	$X.XB	$244M	X.Xx	X.Xx
HDFC Life Insurance	$17B	$X.XB	$9B	X.Xx	X.Xx
Unipol	$17B	$X.XB	$20B	X.Xx	X.Xx
Samsung Fire & Marine Insurance	$16B	$X.XB	$11B	X.Xx	X.Xx
PZU	$16B	$X.XB	$9B	X.Xx	X.Xx
Tryg	$15B	$X.XB	$6B	X.Xx	X.Xx
ASR Nederland	$15B	$X.XB	$7B	X.Xx	X.Xx
IAMGOLD	$14B	$X.XB	$13B	X.Xx	X.Xx
Erie Insurance	$14B	$X.XB	$4B	X.Xx	X.Xx
Fidelity National Financial	$14B	$X.XB	$15B	X.Xx	X.Xx
Gjensidige Forsikring	$14B	$X.XB	$5B	X.Xx	X.Xx
Everest Group	$14B	$X.XB	$17B	X.Xx	X.Xx
Mapfre	$14B	$X.XB	$34B	X.Xx	X.Xx
ageas	$14B	$X.XB	$10B	X.Xx	X.Xx
CNA Financial	$13B	$X.XB	—	X.Xx	X.Xx
Phoenix Financial	$13B	$X.XB	$3B	X.Xx	X.Xx
BB Seguros	$13B	$X.XB	$2B	X.Xx	X.Xx
Sanlam	$12B	$X.XB	$1B	X.Xx	X.Xx
Admiral Group	$12B	$X.XB	$8B	X.Xx	X.Xx
Great Eastern Life	$12B	$X.XB	—	X.Xx	X.Xx
UnumGroup	$12B	$X.XB	$13B	X.Xx	X.Xx
Globe Life	$12B	$X.XB	$6B	X.Xx	X.Xx
Assurant	$12B	$X.XB	$13B	X.Xx	X.Xx
T&D Holdings	$12B	$X.XB	$21B	X.Xx	X.Xx
Equitable Holdings	$11B	$X.XB	$13B	X.Xx	X.Xx
Aegon	$11B	$X.XB	$23B	X.Xx	X.Xx
American Financial Group	$11B	$X.XB	$7B	X.Xx	X.Xx
Brookfield Wealth Solutions	$11B	$X.XB	—	X.Xx	X.Xx
Japan Post Insurance	$11B	$X.XB	$37B	X.Xx	X.Xx
Insurance Australia Group	$11B	$X.XB	$12B	X.Xx	X.Xx
Suncorp Group	$11B	$X.XB	$10B	X.Xx	X.Xx
Harel Group	$11B	$X.XB	$5B	X.Xx	X.Xx
Old Republic International	$11B	$X.XB	$9B	X.Xx	X.Xx
ICICI Prudential Life	$11B	$X.XB	$6B	X.Xx	X.Xx
iA Financial Corp	$10B	$X.XB	$13B	X.Xx	X.Xx
Discovery	$10B	$X.XB	$3B	X.Xx	X.Xx
China Taiping Insurance	$10B	$X.XB	$16B	X.Xx	X.Xx
ICICI Lombard General	$10B	$X.XB	$3B	X.Xx	X.Xx
KGI Financial	$10B	$X.XB	$2B	X.Xx	X.Xx
Beazley	$10B	$X.XB	$6B	X.Xx	X.Xx
Caixa Seguridade	$10B	$X.XB	$1B	X.Xx	X.Xx
Vienna Insurance Group	$10B	$X.XB	$18B	X.Xx	X.Xx
Kinsale Cap Group	$9B	$X.XB	$2B	X.Xx	X.Xx
Menora Mivtachim	$9B	$X.XB	—	X.Xx	X.Xx
China Re	$9B	$X.XB	—	X.Xx	X.Xx
Medibank	$9B	$X.XB	$6B	X.Xx	X.Xx
AXIS Capital	$8B	$X.XB	$7B	X.Xx	X.Xx
Primerica	$8B	$X.XB	$3B	X.Xx	X.Xx
Jackson Financial	$8B	$X.XB	$7B	X.Xx	X.Xx
DB Insurance	$7B	$X.XB	$750M	X.Xx	X.Xx
First American Financial	$7B	$X.XB	$8B	X.Xx	X.Xx
SDIC Capital	$7B	$X.XB	$2B	X.Xx	X.Xx
Max Financial Services	$7B	$X.XB	$5B	X.Xx	X.Xx
OUTsurance Group	$7B	$X.XB	$2B	X.Xx	X.Xx
Sony Financial	$7B	$X.XB	—	X.Xx	X.Xx
Hiscox	$7B	$X.XB	—	X.Xx	X.Xx
Lincoln National	$7B	$X.XB	$19B	X.Xx	X.Xx
Bupa Arabia	$7B	$X.XB	$5B	X.Xx	X.Xx
Clal Insurance	$6B	$X.XB	—	X.Xx	X.Xx
The Hanover Insurance Group	$6B	$X.XB	$6B	X.Xx	X.Xx
Porto	$6B	$X.XB	$7B	X.Xx	X.Xx
Migdal Group	$6B	$X.XB	—	X.Xx	X.Xx
Catalana Occidente	$6B	$X.XB	—	X.Xx	X.Xx
Definity Financial	$6B	$X.XB	$3B	X.Xx	X.Xx
Enact Holdings	$6B	$X.XB	$1B	X.Xx	X.Xx
FWD Group Holdings	$6B	$X.XB	$6B	X.Xx	X.Xx
MGIC Investment Corp.	$6B	$X.XB	$1B	X.Xx	X.Xx
UNIQA Group	$6B	$X.XB	$9B	X.Xx	X.Xx
Essent Group	$6B	$X.XB	$1B	X.Xx	X.Xx
RLI	$6B	$X.XB	$2B	X.Xx	X.Xx
Company for Cooperative Insurance	$6B	$X.XB	$6B	X.Xx	X.Xx
White Mountains	$6B	$X.XB	—	X.Xx	X.Xx
Sunshine Insurance Group	$6B	$X.XB	$10B	X.Xx	X.Xx
Selective Insurance	$5B	$X.XB	$5B	X.Xx	X.Xx
Mercury Insurance	$5B	$X.XB	$6B	X.Xx	X.Xx
Sinar Mas Multiartha	$5B	$X.XB	—	X.Xx	X.Xx
Radian Group	$5B	$X.XB	$1B	X.Xx	X.Xx
Bank of Cyprus	$5B	$X.XB	$1B	X.Xx	X.Xx
Capital Financial	$5B	$X.XB	—	X.Xx	X.Xx
E-L Financial	$4B	$X.XB	—	X.Xx	X.Xx
Protector Forsikring	$4B	$X.XB	$1B	X.Xx	X.Xx
Challenger	$4B	$X.XB	$679M	X.Xx	X.Xx
Oscar Health	$4B	$X.XB	$13B	X.Xx	X.Xx
Old Mutual	$4B	$X.XB	$3B	X.Xx	X.Xx
Lemonade	$4B	$X.XB	$823M	X.Xx	X.Xx
Grupo SURA	$4B	$X.XB	$8B	X.Xx	X.Xx
Assured Guaranty	$4B	$X.XB	$1B	X.Xx	X.Xx
CNO Financial Group	$4B	$X.XB	$4B	X.Xx	X.Xx
Thai Life Insurance	$4B	$X.XB	$2B	X.Xx	X.Xx
Qualitas	$4B	$X.XB	$4B	X.Xx	X.Xx
Alm Brand	$4B	$X.XB	$2B	X.Xx	X.Xx
Brighthouse Financial	$3B	$X.XB	$9B	X.Xx	X.Xx
Aspen Insurance	$3B	$X.XB	—	X.Xx	X.Xx
Go Digit Insurance	$3B	$X.XB	$1B	X.Xx	X.Xx
Palomar Holdings	$3B	$X.XB	$2B	X.Xx	X.Xx
Genworth Financial	$3B	$X.XB	$7B	X.Xx	X.Xx
Hamilton Insurance Group	$3B	$X.XB	$3B	X.Xx	X.Xx
F&G Annuities & Life	$3B	$X.XB	$9B	X.Xx	X.Xx
Star Health and Allied	$3B	$X.XB	$2B	X.Xx	X.Xx
Just Group	$3B	$X.XB	$6B	X.Xx	X.Xx
National MI	$3B	$X.XB	$607M	X.Xx	X.Xx
Neptune Insurance Hldgs	$3B	$X.XB	$166M	X.Xx	X.Xx
Momentum Group	$3B	$X.XB	—	X.Xx	X.Xx
Türkiye Sigorta	$3B	$X.XB	$3B	X.Xx	X.Xx
Vaudoise Assurances	$3B	$X.XB	—	X.Xx	X.Xx
Santam	$3B	$X.XB	$3B	X.Xx	X.Xx
New India Assurance	$3B	$X.XB	$5B	X.Xx	X.Xx
Accelerant	$3B	$X.XB	$930M	X.Xx	X.Xx
Coface	$3B	$X.XB	$2B	X.Xx	X.Xx
SiriusPoint	$3B	$X.XB	$4B	X.Xx	X.Xx
BaoViet	$2B	$X.XB	$2B	X.Xx	X.Xx
HCI Group	$2B	$X.XB	$918M	X.Xx	X.Xx
nib Group	$2B	$X.XB	$2B	X.Xx	X.Xx
Lancashire Holdings	$2B	$X.XB	—	X.Xx	X.Xx
Inversiones La Construcción	$2B	$X.XB	—	X.Xx	X.Xx
Skyward Specialty	$2B	$X.XB	$2B	X.Xx	X.Xx
Stewart Title	$2B	$X.XB	$3B	X.Xx	X.Xx
Qatar Insurance Group	$2B	$X.XB	$3B	X.Xx	X.Xx
Al Rajhi Takaful	$2B	$X.XB	—	X.Xx	X.Xx
Fidelis Insurance	$2B	$X.XB	$5B	X.Xx	X.Xx
Kemper	$2B	$X.XB	$5B	X.Xx	X.Xx
Wafa Assurance SA	$2B	$X.XB	—	X.Xx	X.Xx
Hyundai Fire & Marine	$2B	$X.XB	$6B	X.Xx	X.Xx
Zavarovalnica Triglav	$2B	$X.XB	$2B	X.Xx	X.Xx
Horace Mann	$2B	$X.XB	$1B	X.Xx	X.Xx
Wuestenrot & Wuerttembergische	$2B	$X.XB	$5B	X.Xx	X.Xx
Pacífico Seguros	$2B	$X.XB	—	X.Xx	X.Xx
Trisura Group	$2B	$X.XB	$2B	X.Xx	X.Xx
Vivir Seguros	$2B	$X.XB	—	X.Xx	X.Xx
Nuernberger Beteiligungs	$2B	$X.XB	$3B	X.Xx	X.Xx
Línea Directa	$2B	$X.XB	$1B	X.Xx	X.Xx
MAPFRE Perú	$2B	$X.XB	—	X.Xx	X.Xx
Grupo Nacional Provincial	$1B	$X.XB	—	X.Xx	X.Xx
Grupo Assa	$1B	$X.XB	—	X.Xx	X.Xx
Banvida	$1B	$X.XB	—	X.Xx	X.Xx
ProAssurance	$1B	$X.XB	$909M	X.Xx	X.Xx
ADNIC	$1B	$X.XB	—	X.Xx	X.Xx
Anadolu Sigorta	$1B	$X.XB	$2B	X.Xx	X.Xx
Hagerty	$1B	$X.XB	$1B	X.Xx	X.Xx
Helia Group	$1B	$X.XB	$183M	X.Xx	X.Xx
Trupanion	$1B	$X.XB	$1B	X.Xx	X.Xx
Safety Insurance Group	$1B	$X.XB	$1B	X.Xx	X.Xx
IDI Insurance	$1B	$X.XB	—	X.Xx	X.Xx
Anadolu Hayat Emeklilik	$1B	$X.XB	$517M	X.Xx	X.Xx
Ategrity Specialty	$1B	$X.XB	$578M	X.Xx	X.Xx
International General Insurance	$1B	$X.XB	$504M	X.Xx	X.Xx
Clover Health	$1B	$X.XB	$2B	X.Xx	X.Xx
Universal Insurance Holdings	$1B	$X.XB	$2B	X.Xx	X.Xx
Saga	$1B	$X.XB	$917M	X.Xx	X.Xx
UFG Insurance	$997M	$X.XB	$1B	X.Xx	X.Xx
Chesnara	$995M	$X.XB	—	X.Xx	X.Xx
AgeSA	$922M	$X.XB	—	X.Xx	X.Xx
Heritage Insurance	$891M	$X.XB	$856M	X.Xx	X.Xx
Rímac Seguros	$875M	$X.XB	—	X.Xx	X.Xx
Hapvida	$866M	$X.XB	$6B	X.Xx	X.Xx
Ray Sigorta	$857M	$X.XB	—	X.Xx	X.Xx
Employers Holdings	$848M	$X.XB	$855M	X.Xx	X.Xx
REVO Insurance	$847M	$X.XB	$462M	X.Xx	X.Xx
weSure	$834M	$X.XB	—	X.Xx	X.Xx
Bowhead Specialty	$830M	$X.XB	$877M	X.Xx	X.Xx
Abacus Global Management	$810M	$X.XB	$224M	X.Xx	X.Xx
Root Inc.	$804M	$X.XB	$2B	X.Xx	X.Xx
Hippo Insurance	$729M	$X.XB	$490M	X.Xx	X.Xx
AMERISAFE	$675M	$X.XB	$319M	X.Xx	X.Xx
Waterdrop	$655M	$X.XB	$513M	X.Xx	X.Xx
Donegal Group	$641M	$X.XB	$910M	X.Xx	X.Xx
Tiptree	$637M	$X.XB	—	X.Xx	X.Xx
American Coastal	$563M	$X.XB	$608M	X.Xx	X.Xx
Crawford	$522M	$X.XB	$1B	X.Xx	X.Xx
Sabre Insurance Group	$447M	$X.XB	$277M	X.Xx	X.Xx
Investors Title	$431M	$X.XB	—	X.Xx	X.Xx
American Integrity	$414M	$X.XB	$944M	X.Xx	X.Xx
Kingsway Financial Services	$350M	$X.XB	—	X.Xx	X.Xx
MBIA	$336M	$X.XB	$29M	X.Xx	X.Xx
James River Group	$322M	$X.XB	$598M	X.Xx	X.Xx
Eurohold Bulgaria	$321M	$X.XB	—	X.Xx	X.Xx
Dunav Osiguranje	$295M	$X.XB	—	X.Xx	X.Xx
Aksigorta	$295M	$X.XB	$845M	X.Xx	X.Xx
Citizens	$291M	$X.XB	$254M	X.Xx	X.Xx
Nodak Insurance	$274M	$X.XB	—	X.Xx	X.Xx
Kingstone Companies	$233M	$X.XB	$286M	X.Xx	X.Xx
Solid Försäkring	$208M	$X.XB	$119M	X.Xx	X.Xx
Helios Underwriting	$208M	$X.XB	—	X.Xx	X.Xx
OEKOWORLD	$203M	$X.XB	—	X.Xx	X.Xx
General de Seguros	$175M	$X.XB	—	X.Xx	X.Xx
La Positiva Seguros	$173M	$X.XB	—	X.Xx	X.Xx
Bahrain National Holding	$166M	$X.XB	—	X.Xx	X.Xx
RheinLand Holding	$147M	$X.XB	—	X.Xx	X.Xx
Interlife Gen Insurance	$139M	$X.XB	—	X.Xx	X.Xx
Atlantic Insurance	$105M	$X.XB	—	X.Xx	X.Xx
CIG Pannonia Life	$103M	$X.XB	—	X.Xx	X.Xx
Firstcaution	$97M	$X.XB	—	X.Xx	X.Xx
Nord Insuretech Group	$27M	$X.XB	—	X.Xx	X.Xx
STE Electricité	$11M	$X.XB	—	X.Xx	X.Xx
Sjova-Almennar tryggingar	—	$X.XB	—	X.Xx	X.Xx
Skagi	—	$X.XB	—	X.Xx	X.Xx
Baloise Group	—	$X.XB	—	X.Xx	X.Xx