Top 5 Insurance Companies in the UK
You die once but you live forever. Be it today or tomorrow, everyone is bound to die. It may be caused by an accident, naturally in any other way. In the same way, whenever you buy anything expensive, it might get lost or broken.
So how would you feel if you could get the money back in case of losing it or in case of theft? Insurance is one such thing that covers it all. Nowadays, most of the expensive products are covered by insurance. Almost all the countries provide this service too. One such country is the United Kingdom. Many companies in Uk provide insurances but the top 5 insurance companies in the UK provide a lot of other benefits too with the insurance system.
What is Insurance?
As the word suggests, Insurance means ‘ to ensure’. It means that in case of any mishappenings, say death, illness, loss, etc a company or the state ensures to provide compensation to the suffered from a specified premium. Several companies in different companies are working to proffer this is to the common people. One of the top 5 insurance companies in the UK i. e. Legal & General aims to provide insurances to common people with a great sense of ease and compassion for the lives of people. Many other companies are doing too with a varied system of options for the benefit of people.
Top 5 Insurance Companies
- Legal & General Group plc – Headquartered in London, England it provides general insurance along with annuity and pension products, investment management, lifetime mortgages, etc.
Founded in 1836, almost 185 years ago the company employs 10,000 people working for the betterment of the common people. It is one of the top 5 insurance companies in the UK and is one of the world’s largest companies with an asset of £570.565 billion. It is one of the largest providers of corporate pension schemes and life insurance. Some of its business lines are -Legal and General Retirement Institutional (LGRI), Legal and General Investment Management (LGIM), Legal and General Retirement Retail (LGR), Legal and General Insurance (LGI), General Insurance (GI), Legal and General Capital (LGC).
- Aviva plc – One of the largest general insurer in the world and also pensions provider, Aviva is headquartered in London, England, UK. It has about 33 million customers in all over 16 countries.
Founded in 2000 Aviva is now a brand and is now called Friends Provident International Limited. It generally focuses on the growth markets of China and Southeast Asia. Its establishment races back to the Hand in Hand Fire and Life Insurance Society in 1696 in London. Its total asset is €20.560 billion and has around 31,000 employees as of 2021. The main objective of Aviva is the provision of general life insurance, fund management services, and long-term saving products for the common people. Some of its subsidiaries are- Aviva life for pension investments, life insurance, and long-term savings; Aviva insurance for general insurance; Aviva Investors for fund management, etc.
- Prudential plc – Employing about 18,000 people and having 26 million customers worldwide, Prudential plc is headquartered in London, England. It proffers health and accident insurance, property and casualty insurance, life insurance variable and fixed activities as well as asset management savings in retirement products, etc.
It operates in Europe and Africa as well as the United States through another company that is Jackson National Life Insurance Company. Its estimated asset is $463.165 billion. Some of its subsidiaries are- Prudential Corporation of Asia, Jackson National Life Insurance Company, Prudential Africa.
- Phoenix Group Holdings plc – Formerly known as Pearl Group plc, Phoenix Group Holdings plc was founded in 1857 in London, England, UK. Its net income is about 83.4 crores GBP.
Some of the business lines of Phoenix Life are – Phoenix for Phoenix life and Phoenix life insurance; Phoenix Wealth; Standard Life; Sun Life; ReAassure; Vebnet. It also has some other unregulated businesses. It offers pensions and customer savings and investments also, long-term savings and retirement products to support people saving for the future, and the most important insurance for the common people.
- James Place plc – Founded in 1991, almost 30 years ago St. James Place plc, also branded as St. James Place Wealth Management is based in Cirencester, England. Its total net income is £327.6 million with an operating income of £426.4 million.
Some of it’s subsidiaries are- The Giles Hardwood Wealth Management, Technical Connection Ltd. Its total revenue as of 2020 is 806.1 crores GBP. It was formed for giving long-term relationships and advice for clients so that they can trust in everything they do giving peace in this uncertain world. Almost over 2500 partners together make up the Saint James Place Partnership. They come from different backgrounds and sizes and shapes aiming to find the best home for clients. Its main aim is to provide a basic range for wealth management solutions from pensions to investments.