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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, Ping An Insurance, China Life and Chubb.

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Insurance Carriers

Viewing 50 of 270 companies with full data

Company	Market Cap	Enterprise Value	LTM Revenue	EV/LTM Revenue	EV/LTM EBITDA
Berkshire Hathaway	$1.0T	$1.1T	$377B	2.9x	—
Allianz	$173B	$179B	$223B	0.8x	8.7x
Ping An Insurance	$148B	$210B	$157B	1.3x	—
China Life	$141B	$125B	$90B	1.4x	5.5x
Chubb	$129B	$149B	$56B	2.7x	11.3x
Progressive	$118B	$125B	$85B	1.5x	8.6x
AIA Group	$109B	$115B	$23B	5.1x	13.0x
Zurich Insurance Group	$107B	$116B	$64B	1.8x	22.4x
AXA	$103B	$148B	$122B	1.2x	11.3x
Munich Re	$85B	$87B	$82B	1.1x	8.4x
Tokio Marine	$84B	$80B	$54B	1.5x	—
Cigna Group	$73B	$97B	$277B	0.4x	7.6x
Elevance Health	$71B	$94B	$196B	0.5x	9.7x
Generali	$65B	$103B	$115B	0.9x	11.0x
Manulife	$65B	$61B	$30B	2.0x	14.5x
Travelers	$64B	$73B	$44B	1.6x	9.0x
Aflac	$59B	$65B	$17B	3.8x	12.9x
Life Insurance Corporation of India	$58B	$51B	$105B	0.5x	12.4x
Allstate	$56B	$65B	$60B	1.1x	5.5x
MetLife	$51B	$66B	$78B	0.9x	7.2x
China Pacific Insurance	$49B	$44B	$66B	0.7x	5.4x
Great-West Lifeco	$46B	$52B	$4B	14.8x	—
People's Insurance Co	$44B	$42B	$96B	0.4x	—
AIG	$42B	$50B	$28B	1.8x	10.4x
PICC Property & Casualty	$41B	$42B	$75B	0.6x	5.0x
Sun Life	$39B	$49B	$7B	7.2x	11.8x
The Hartford	$38B	$43B	$29B	1.5x	9.2x
Fubon Financial	$38B	$54B	$12B	4.6x	—
Fairfax Financial	$38B	$47B	$34B	1.4x	—
Prudential plc	$38B	$39B	$4B	10.4x	11.3x
MS&AD Insurance Group	$37B	$30B	$43B	0.7x	—
Talanx	$36B	$39B	$58B	0.7x	6.1x
Prudential	$35B	$57B	$58B	1.0x	6.6x
Cathay Financial Holdings	$35B	$48B	$12B	4.0x	—
Arch Capital Group	$35B	$37B	$17B	2.2x	8.9x
Intact Financial Corp.	$34B	$38B	$18B	2.1x	11.8x
Swiss Life	$34B	$40B	$27B	1.5x	—
Power Corporation of Canada	$34B	$50B	$14B	3.5x	—
Daiichi Life Group	$33B	$28B	$66B	0.4x	—
Sompo Holdings	$33B	$29B	$28B	1.0x	—
Samsung Life Insurance	$31B	$42B	$720M	58.9x	—
Sampo	$29B	$31B	$11B	2.9x	11.8x
Helvetia Baloise Holding	$28B	$29B	$14B	2.1x	—
New China Life Insurance	$26B	$23B	$23B	1.0x	3.6x
Aviva	$26B	$11B	$77B	0.1x	3.7x
Cincinnati Financial	$26B	$25B	$10B	2.5x	—
WR Berkley	$25B	$25B	$13B	2.0x	8.5x
Markel Group	$25B	$25B	$16B	1.6x	—
Humana Inc.	$25B	$33B	$139B	0.2x	8.9x
QBE Insurance	$24B	$27B	$19B	1.4x	10.3x
Loews Corporation	$23B	$X.XB	$18B	X.Xx	X.Xx
NN Group	$22B	$X.XB	$16B	X.Xx	X.Xx
SBI Life Insurance	$21B	$X.XB	$11B	X.Xx	X.Xx
Unipol	$19B	$X.XB	$20B	X.Xx	X.Xx
Centene	$19B	$X.XB	$193B	X.Xx	X.Xx
Jio Financial Services	$17B	$X.XB	$321M	X.Xx	X.Xx
PZU	$17B	$X.XB	$9B	X.Xx	X.Xx
ASR Nederland	$15B	$X.XB	$7B	X.Xx	X.Xx
Mapfre	$15B	$X.XB	$34B	X.Xx	X.Xx
ageas	$15B	$X.XB	$10B	X.Xx	X.Xx
Phoenix Financial	$15B	$X.XB	$3B	X.Xx	X.Xx
Tryg	$15B	$X.XB	$6B	X.Xx	X.Xx
HDFC Life Insurance	$14B	$X.XB	$8B	X.Xx	X.Xx
Everest Group	$14B	$X.XB	$17B	X.Xx	X.Xx
Gjensidige Forsikring	$14B	$X.XB	$5B	X.Xx	X.Xx
BB Seguros	$14B	$X.XB	$2B	X.Xx	X.Xx
Samsung Fire & Marine Insurance	$14B	$X.XB	$11B	X.Xx	X.Xx
Admiral Group	$13B	$X.XB	$8B	X.Xx	X.Xx
Fidelity National Financial	$13B	$X.XB	$15B	X.Xx	X.Xx
CNA Financial	$13B	$X.XB	—	X.Xx	X.Xx
Suncorp Group	$13B	$X.XB	$10B	X.Xx	X.Xx
UnumGroup	$13B	$X.XB	$13B	X.Xx	X.Xx
Erie Insurance	$13B	$X.XB	$4B	X.Xx	X.Xx
Brookfield Wealth Solutions	$13B	$X.XB	—	X.Xx	X.Xx
Harel Group	$13B	$X.XB	$5B	X.Xx	X.Xx
Insurance Australia Group	$13B	$X.XB	$13B	X.Xx	X.Xx
Aegon	$12B	$X.XB	$21B	X.Xx	X.Xx
T&D Holdings	$12B	$X.XB	$21B	X.Xx	X.Xx
Great Eastern Life	$12B	$X.XB	—	X.Xx	X.Xx
Globe Life	$12B	$X.XB	$6B	X.Xx	X.Xx
Equitable Holdings	$12B	$X.XB	$13B	X.Xx	X.Xx
iA Financial Corp	$11B	$X.XB	$11B	X.Xx	X.Xx
CAIXA Seguridade	$11B	$X.XB	$1B	X.Xx	X.Xx
Assurant	$11B	$X.XB	$13B	X.Xx	X.Xx
KGI Financial	$11B	$X.XB	$2B	X.Xx	X.Xx
Sanlam	$11B	$X.XB	$5B	X.Xx	X.Xx
IAMGOLD	$11B	$X.XB	$11B	X.Xx	X.Xx
Japan Post Insurance	$11B	$X.XB	$37B	X.Xx	X.Xx
American Financial Group	$11B	$X.XB	$7B	X.Xx	X.Xx
Discovery	$11B	$X.XB	$3B	X.Xx	X.Xx
Old Republic International	$10B	$X.XB	$9B	X.Xx	X.Xx
Menora Mivtachim	$10B	$X.XB	—	X.Xx	X.Xx
China Taiping Insurance	$10B	$X.XB	$15B	X.Xx	X.Xx
ICICI Lombard General	$10B	$X.XB	$3B	X.Xx	X.Xx
Beazley	$10B	$X.XB	$6B	X.Xx	X.Xx
Vienna Insurance Group	$10B	$X.XB	$18B	X.Xx	X.Xx
Standard Life	$10B	$X.XB	$8B	X.Xx	X.Xx
Medibank	$9B	$X.XB	$6B	X.Xx	X.Xx
ICICI Prudential Life	$9B	$X.XB	$7B	X.Xx	X.Xx
Primerica	$9B	$X.XB	$3B	X.Xx	X.Xx
Kinsale Cap Group	$8B	$X.XB	$2B	X.Xx	X.Xx
Jackson Financial	$8B	$X.XB	$7B	X.Xx	X.Xx
AXIS Capital	$8B	$X.XB	$7B	X.Xx	X.Xx
China Re	$8B	$X.XB	$18B	X.Xx	X.Xx
Bupa Arabia	$7B	$X.XB	$5B	X.Xx	X.Xx
DB Insurance	$7B	$X.XB	$852M	X.Xx	X.Xx
Lincoln National	$7B	$X.XB	$19B	X.Xx	X.Xx
Hiscox	$7B	$X.XB	—	X.Xx	X.Xx
Porto	$7B	$X.XB	$7B	X.Xx	X.Xx
OUTsurance Group	$7B	$X.XB	$2B	X.Xx	X.Xx
First American Financial	$7B	$X.XB	$8B	X.Xx	X.Xx
Clal Insurance	$7B	$X.XB	—	X.Xx	X.Xx
Migdal Group	$7B	$X.XB	—	X.Xx	X.Xx
SDIC Capital	$6B	$X.XB	—	X.Xx	X.Xx
The Hanover Insurance Group	$6B	$X.XB	$6B	X.Xx	X.Xx
Sony Financial	$6B	$X.XB	$6B	X.Xx	X.Xx
Max Financial Services	$6B	$X.XB	$5B	X.Xx	X.Xx
Catalana Occidente	$6B	$X.XB	—	X.Xx	X.Xx
Enact Holdings	$6B	$X.XB	$1B	X.Xx	X.Xx
MGIC Investment Corp.	$6B	$X.XB	$1B	X.Xx	X.Xx
UNIQA Group	$6B	$X.XB	$8B	X.Xx	X.Xx
Definity Financial	$6B	$X.XB	$3B	X.Xx	X.Xx
Essent Group	$6B	$X.XB	$1B	X.Xx	X.Xx
White Mountains	$6B	$X.XB	—	X.Xx	X.Xx
RLI	$5B	$X.XB	$2B	X.Xx	X.Xx
Lemonade	$5B	$X.XB	$874M	X.Xx	X.Xx
Mercury Insurance	$5B	$X.XB	$6B	X.Xx	X.Xx
Sunshine Insurance Group	$5B	$X.XB	$13B	X.Xx	X.Xx
Company for Cooperative Insurance	$5B	$X.XB	—	X.Xx	X.Xx
Sinar Mas Multiartha	$5B	$X.XB	—	X.Xx	X.Xx
FWD Group Holdings	$5B	$X.XB	$4B	X.Xx	X.Xx
Selective Insurance	$5B	$X.XB	$5B	X.Xx	X.Xx
Radian Group	$5B	$X.XB	$1B	X.Xx	X.Xx
Oscar Health	$5B	$X.XB	$14B	X.Xx	X.Xx
Grupo SURA	$5B	$X.XB	$9B	X.Xx	X.Xx
Protector Forsikring	$4B	$X.XB	$2B	X.Xx	X.Xx
E-L Financial	$4B	$X.XB	—	X.Xx	X.Xx
Bank of Cyprus	$4B	$X.XB	$1B	X.Xx	X.Xx
Capital Financial	$4B	$X.XB	—	X.Xx	X.Xx
Challenger	$4B	$X.XB	$702M	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
Neptune Insurance Hldgs	$4B	$X.XB	$170M	X.Xx	X.Xx
Assured Guaranty	$4B	$X.XB	$1B	X.Xx	X.Xx
Qualitas	$4B	$X.XB	$4B	X.Xx	X.Xx
F&G Annuities & Life	$4B	$X.XB	$10B	X.Xx	X.Xx
Brighthouse Financial	$4B	$X.XB	$9B	X.Xx	X.Xx
Palomar Holdings	$4B	$X.XB	$2B	X.Xx	X.Xx
Alm Brand	$3B	$X.XB	$2B	X.Xx	X.Xx
Aspen Insurance	$3B	$X.XB	—	X.Xx	X.Xx
Genworth Financial	$3B	$X.XB	$7B	X.Xx	X.Xx
Old Mutual	$3B	$X.XB	$4B	X.Xx	X.Xx
CCC Intelligent Solutions	$3B	$X.XB	$1B	X.Xx	X.Xx
Türkiye Sigorta	$3B	$X.XB	$3B	X.Xx	X.Xx
Star Health and Allied	$3B	$X.XB	$2B	X.Xx	X.Xx
Go Digit Insurance	$3B	$X.XB	$1B	X.Xx	X.Xx
Hamilton Insurance Group	$3B	$X.XB	$3B	X.Xx	X.Xx
Accelerant	$3B	$X.XB	$948M	X.Xx	X.Xx
Vaudoise Assurances	$3B	$X.XB	—	X.Xx	X.Xx
National MI	$3B	$X.XB	$611M	X.Xx	X.Xx
Al Rajhi Takaful	$3B	$X.XB	—	X.Xx	X.Xx
Just Group	$3B	$X.XB	$7B	X.Xx	X.Xx
New India Assurance	$3B	$X.XB	$5B	X.Xx	X.Xx
Momentum Group	$3B	$X.XB	—	X.Xx	X.Xx
Coface	$3B	$X.XB	$2B	X.Xx	X.Xx
SiriusPoint	$3B	$X.XB	$3B	X.Xx	X.Xx
BSP Financial Group	$3B	$X.XB	—	X.Xx	X.Xx
Santam	$3B	$X.XB	$2B	X.Xx	X.Xx
Inversiones La Construcción	$2B	$X.XB	—	X.Xx	X.Xx
Allianz-Slovenska	$2B	$X.XB	—	X.Xx	X.Xx
nib Group	$2B	$X.XB	$3B	X.Xx	X.Xx
Skyward Specialty	$2B	$X.XB	$2B	X.Xx	X.Xx
BaoViet	$2B	$X.XB	$2B	X.Xx	X.Xx
Stewart Title	$2B	$X.XB	$3B	X.Xx	X.Xx
HCI Group	$2B	$X.XB	$929M	X.Xx	X.Xx
Qatar Insurance Group	$2B	$X.XB	$3B	X.Xx	X.Xx
Lancashire Holdings	$2B	$X.XB	—	X.Xx	X.Xx
Kemper	$2B	$X.XB	$5B	X.Xx	X.Xx
Wafa Assurance SA	$2B	$X.XB	—	X.Xx	X.Xx
Horace Mann	$2B	$X.XB	$1B	X.Xx	X.Xx
Zavarovalnica Triglav	$2B	$X.XB	$2B	X.Xx	X.Xx
Fidelis Insurance	$2B	$X.XB	$4B	X.Xx	X.Xx
Pacífico Seguros	$2B	$X.XB	—	X.Xx	X.Xx
Wuestenrot & Wuerttembergische	$2B	$X.XB	$5B	X.Xx	X.Xx
Vivir Seguros	$2B	$X.XB	—	X.Xx	X.Xx
Línea Directa	$2B	$X.XB	$1B	X.Xx	X.Xx
Nuernberger Beteiligungs	$2B	$X.XB	$3B	X.Xx	X.Xx
Hyundai Fire & Marine	$2B	$X.XB	$7B	X.Xx	X.Xx
Trisura Group	$2B	$X.XB	$2B	X.Xx	X.Xx
MAPFRE Perú	$2B	$X.XB	—	X.Xx	X.Xx
Grupo Assa	$1B	$X.XB	—	X.Xx	X.Xx
Grupo Nacional Provincial	$1B	$X.XB	$8B	X.Xx	X.Xx
Banvida	$1B	$X.XB	—	X.Xx	X.Xx
ProAssurance	$1B	$X.XB	$913M	X.Xx	X.Xx
Anadolu Sigorta	$1B	$X.XB	$2B	X.Xx	X.Xx
Trupanion	$1B	$X.XB	$1B	X.Xx	X.Xx
ADNIC	$1B	$X.XB	—	X.Xx	X.Xx
Saga	$1B	$X.XB	$959M	X.Xx	X.Xx
Hapvida	$1B	$X.XB	$6B	X.Xx	X.Xx
International General Insurance	$1B	$X.XB	$496M	X.Xx	X.Xx
Clover Health	$1B	$X.XB	$2B	X.Xx	X.Xx
IDI Insurance	$1B	$X.XB	—	X.Xx	X.Xx
Safety Insurance Group	$1B	$X.XB	$1B	X.Xx	X.Xx
Hagerty	$1B	$X.XB	$1B	X.Xx	X.Xx
Anadolu Hayat Emeklilik	$1B	$X.XB	$538M	X.Xx	X.Xx
Helia Group	$1B	$X.XB	$192M	X.Xx	X.Xx
UFG Insurance	$1B	$X.XB	$1B	X.Xx	X.Xx
Ethos Insurance	$1B	$X.XB	$425M	X.Xx	X.Xx
Ategrity Specialty	$1B	$X.XB	$574M	X.Xx	X.Xx
weSure	$1B	$X.XB	—	X.Xx	X.Xx
NICO Holdings	$1B	$X.XB	—	X.Xx	X.Xx
Sagicor Group Jamaica	$997M	$X.XB	—	X.Xx	X.Xx
Universal Insurance Holdings	$997M	$X.XB	$2B	X.Xx	X.Xx
Sagicor	$970M	$X.XB	—	X.Xx	X.Xx
Chesnara	$957M	$X.XB	$249M	X.Xx	X.Xx
AgeSA	$948M	$X.XB	—	X.Xx	X.Xx
Abacus Global Management	$894M	$X.XB	$250M	X.Xx	X.Xx
Root Inc.	$851M	$X.XB	$2B	X.Xx	X.Xx
Heritage Insurance	$836M	$X.XB	$859M	X.Xx	X.Xx
AtlantaSanad	$823M	$X.XB	—	X.Xx	X.Xx
Capricorn Group	$821M	$X.XB	—	X.Xx	X.Xx
Bowhead Specialty	$810M	$X.XB	$885M	X.Xx	X.Xx
Employers Holdings	$796M	$X.XB	$855M	X.Xx	X.Xx
Ray Sigorta	$790M	$X.XB	—	X.Xx	X.Xx
REVO Insurance	$784M	$X.XB	$480M	X.Xx	X.Xx
Hippo Insurance	$750M	$X.XB	$505M	X.Xx	X.Xx
FBD Holdings	$733M	$X.XB	—	X.Xx	X.Xx
Rímac Seguros	$701M	$X.XB	—	X.Xx	X.Xx
Donegal Group	$667M	$X.XB	$909M	X.Xx	X.Xx
Tiptree	$659M	$X.XB	—	X.Xx	X.Xx
AMERISAFE	$639M	$X.XB	$321M	X.Xx	X.Xx
Waterdrop	$626M	$X.XB	$605M	X.Xx	X.Xx
American Coastal	$576M	$X.XB	$598M	X.Xx	X.Xx
Sabre Insurance Group	$544M	$X.XB	$283M	X.Xx	X.Xx
Sanlam Maroc	$526M	$X.XB	$781M	X.Xx	X.Xx
Crawford	$517M	$X.XB	$1B	X.Xx	X.Xx
Investors Title	$456M	$X.XB	—	X.Xx	X.Xx
Clientele	$442M	$X.XB	—	X.Xx	X.Xx
Tower Ltd	$397M	$X.XB	$350M	X.Xx	X.Xx
American Integrity	$384M	$X.XB	$950M	X.Xx	X.Xx
Activo Inmobiliario Peruano	$348M	$X.XB	—	X.Xx	X.Xx
Kingsway Financial Services	$343M	$X.XB	—	X.Xx	X.Xx
Eurohold Bulgaria	$334M	$X.XB	—	X.Xx	X.Xx
MBIA	$317M	$X.XB	$28M	X.Xx	X.Xx
Dunav Osiguranje	$307M	$X.XB	—	X.Xx	X.Xx
Citizens	$281M	$X.XB	$257M	X.Xx	X.Xx
Aksigorta	$272M	$X.XB	$885M	X.Xx	X.Xx
Kingstone Companies	$270M	$X.XB	$291M	X.Xx	X.Xx
Nodak Insurance	$268M	$X.XB	—	X.Xx	X.Xx
Solid Försäkring	$221M	$X.XB	$119M	X.Xx	X.Xx
OEKOWORLD	$210M	$X.XB	—	X.Xx	X.Xx
Helios Underwriting	$198M	$X.XB	$44M	X.Xx	X.Xx
General de Seguros	$180M	$X.XB	—	X.Xx	X.Xx
La Positiva Seguros	$179M	$X.XB	—	X.Xx	X.Xx
Bahrain National Holding	$160M	$X.XB	—	X.Xx	X.Xx
Interlife Gen Insurance	$146M	$X.XB	—	X.Xx	X.Xx
RheinLand Holding	$146M	$X.XB	—	X.Xx	X.Xx
Firstcaution	$142M	$X.XB	—	X.Xx	X.Xx
Atlantic Insurance	$116M	$X.XB	—	X.Xx	X.Xx
CIG Pannonia Life	$93M	$X.XB	—	X.Xx	X.Xx
Zurich Chile	$86M	$X.XB	—	X.Xx	X.Xx
Nobleoak Life	$83M	$X.XB	$358M	X.Xx	X.Xx
Nord Insuretech Group	$25M	$X.XB	—	X.Xx	X.Xx
STE Electricité	$11M	$X.XB	—	X.Xx	X.Xx
Latino Seguros	$9M	$X.XB	—	X.Xx	X.Xx
Qualitas	$5M	$X.XB	—	X.Xx	X.Xx
Baloise Group	—	$X.XB	—	X.Xx	X.Xx
Skagi	—	$X.XB	—	X.Xx	X.Xx
Dai-ichi Life	—	$X.XB	—	X.Xx	X.Xx
Sjova-Almennar tryggingar	—	$X.XB	—	X.Xx	X.Xx