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15 Best Group Insurance Companies Heading into 2024

Published on December 22, 2023 at 3:22 pm by Meerub Anjum in Business, Industries, Lists, News

In this article, we will look into the 15 best group insurance companies heading into 2024. If you want to skip our detailed analysis, you can go directly to the 5 Best Group Insurance Companies Heading into 2024.

Group Health Insurance Market

According to a report by Allied Market Research, the global group health insurance market was worth $744.04 billion in 2021. The market is expected to grow at a CAGR of 9.4% and reach $1.80 trillion by 2031. The growth can be attributed to the rise in the geriatric population and the demand for better employee benefits in corporations. The increased focus on employees’ physical and mental health has emerged as one of the key growth factors in the group health insurance market.

Segment-wise, the market is categorized into fully insured plans, mixed-insured plans, and self-insured plans. The fully insured plan segment dominated the market, with the highest revenue in 2021. The growth is characterized by the fact that the insurer takes the whole responsibility for the insurance plan, making it relatively fast compared to other plans. The self-insured plans segment is projected to experience substantial growth over the forecasted period. These plans do not pay for the profit of insurance and provide the flexibility to choose limited benefits, leading to higher savings. Another factor driving the growth of the self-insured plan segment is its low admin costs.

Regionally, the market was dominated by North America in 2021, recording the highest revenue globally. The growth is driven by the expansion of corporate culture in the region and the presence of a large number of multinational corporations in North America. The Asia-Pacific is expected to witness significant growth over the forecasted period, driven by the surge in demand to provide insurance to employees in multinational companies in Asia. The rising awareness among people about employee benefits and group healthcare insurance is expected to boost the growth in the market over the forecasted period.

Key Players in the Market

Some of the prominent names in the market include Elevance Health, Inc. (NYSE:ELV), Aetna CVS Health Corporation (NYSE:CVS), and The Cigna Group (NYSE:CI).

Elevance Health, Inc. (NYSE:ELV) is a leading health insurance company, offering group and individual health insurance products and services. On December 14, the company announced that it had received NCQA Health Equity Accreditation Plus for 21 Elevance Health Medicaid Plans. The company shines among the other 28 organizations that received accreditation, with the highest Medicaid Plans earned. The accreditation acknowledges Elevance Health, Inc.’s (NYSE:ELV) data-driven approach to identifying and collecting information on individuals’ social needs.

Aetna is an insurance subsidiary of the leading healthcare services company, CVS Health Corporation (NYSE:CVS). On December 18, the company announced that it had partnered with Mae Health to tackle the maternal health disparities in Chicago. The partnership will prioritize the underserved pregnant and postpartum women in Cook and Kane counties, especially the Black women facing higher risks. The partnership aims to reduce pregnancy-related deaths and complications by providing virtual and in-person support throughout pregnancy, birth, and postpartum. This collaboration shows CVS Health Corporation’s (NYSE:CVS) commitment to providing inclusive healthcare services.

The Cigna Group (NYSE:CI) is a multinational healthcare insurance company. On October 17, the company announced that it had expanded its Medicare Advantage offerings to four new counties. Residents in Avery, Madison, Mitchell, and Yancey can now access the plans with benefits such as $0 premiums, dental allowances, hearing and vision coverage, and fitness trackers. This expansion caters to the needs and budgets with HMOs, PPOs, and D-SNPs available. The plans will also offer bonus perks such as meal delivery and wellness incentives to enhance the deal. These benefits articulate The Cigna Group’s (NYSE:CI) commitment to excellence.

Some other key players in the group insurance market include UnitedHealth Group Incorporated (NYSE:UNH) and AIA Group Limited (OTC:AAIGF).

Now, that we have discussed the global group health insurance market and talked about the prominent companies providing group health insurance products and services, let’s have a look at the 15 best group insurance companies heading into 2024.

15 Best Group Insurance Companies Heading into 2024

Methodology

To compile our list of the 15 best group insurance companies heading into 2024, we opted for a consensus approach. We sifted through multiple market reports including, Allied Market Research, Grand View Research, Research and Markets, and Report Ocean to look for major public and private companies operating in the group insurance market. We then sourced market caps of public companies from Yahoo Finance and the annual revenue for private companies from their websites. We have ranked the 15 best group insurance companies heading into 2024 in ascending order of market capitalizations, as of December 18, 2023, and annual revenue.

By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By employing a consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.

15 Best Group Insurance Companies Heading into 2024

15. HealthPartners

Annual Revenue (2021): $2.95 billion

HealthPartners is an integrated healthcare solutions company. It provides medical, dental, and health insurance to groups and individuals. The company’s group health insurance provides coverage for dental, small group medical, and large group medical. It also offers group medical insurance for retirees. The company reported an annual revenue of $2.95 billion in 2021.

In addition to HealthPartners, other leading companies in the insurance market include UnitedHealth Group Incorporated (NYSE:UNH) and AIA Group Limited (OTC:AAIGF).

14. Bupa

Annual Revenue (2021): $17.82 billion

Bupa is a leading healthcare company with insurance as one of its core businesses. The company operates in multiple countries and regions all over the world including the UK, Australia, Spain, Chile, Poland, New Zealand, Hong Kong, Turkey, Brazil, Mexico, the US, the Middle East, Ireland, Saudi Arabia, and India. The company has around 28 million healthcare insurance customers. It provides health solutions to individuals, groups, families, corporate clients, and SMEs. In 2021, Bupa reported a revenue of $17.82 billion.

13. Providence Health Plan

Annual Revenue (2022): $26.43 billion

Providence Health Plan is ranked 13th on our list of the best group insurance companies. Headquartered in Portland, Oregon, the company provides commercial group and individual health coverage. The company provides different insurance plans to small and large groups of employees. Choice, Connect, HSA Qualified, PPO, and Option Advantage (Plus/Base/Premium) are some of the insurance plans offered by the company. In 2022, Providence Health Plan reported a revenue of $26.43 billion.

12. American International Group, Inc. (NYSE:AIG)

Market Cap as of December 18: $47.43 billion

American International Group, Inc. (NYSE:AIG) is ranked 12th on our list. The company operates across multiple business segments including travel insurance, life insurance, health insurance, and retirement insurance. The company offers a variety of commercial and corporate solutions. The AIG Advantage is one of the top group insurance products of the company. As of December 18, American International Group, Inc. (NYSE:AIG) boasts a market cap of $47.35 billion.

11. Health Care Service Corporation

Annual Revenue (2022): $54.00 billion

Health Care Service Corporation Group is a group of companies based in the US. The company serves more than 18.6 million customers through its insurance plans. It offers individual, family, and group health insurance solutions. Health Care Service Corporation Group reported an annual revenue of $54 billion. It is ranked 11th on our list.

10. AXA SA (OTC:AXAHY)

Market Cap as of December 18: $73.00 billion

AXA SA (OTC:AXAHY) is a leading insurance company, headquartered in Paris. It provides services including insurance, asset management, and banking. The company has business in over 163 countries and is trusted by clients all over the world. It provides three types of group insurance plans based on the number of employees and the company’s size. As of December 18, AXA SA (OTC:AXAHY) has a market cap of $73 billion.

9. The Cigna Group (NYSE:CI)

Market Cap as of December 18: $85.28 billion

The Cigna Group (NYSE:CI) is a major healthcare services company, headquartered in Connecticut. The company offers a wide range of group insurance plans including Cigna Opean Access Plus, LocalPlus, Cigna SureFit, HMO, and Medical Network among others. As of December 18, the group boasts a market cap of $85.28 billion.

8. Chubb Limited (NYSE:CB)

Market Cap as of December 18: $90.17 billion

Ranked 8th on our list, Chubb Limited (NYSE:CB) is a leading financial services company. Under its insurance business segment, the company provides accident and supplemental health insurance, travel insurance, reinsurance, and life insurance. It offers a variety of innovative group health, accidental, and business travel insurance solutions. As of December 18, Chubb Limited (NYSE:CB) is valued at $90.17 billion.

7. Ping An Insurance (Group) Company of China, Ltd. (OTC:PNGAY)

Market Cap as of December 18: $91.33 billion

Ping An Insurance (Group) Company of China, Ltd. (OTC:PNGAY) is a top insurer in China, specializing in health insurance, travel insurance, auto insurance, and insurance technology. The company provides a range of life and non-life insurance services to individuals and groups. Ping An Insurance (Group) Company of China, Ltd. (OTC:PNGAY) is one of the best group insurance companies, reporting a market cap of $91.33 billion as of December 18.

6. Kaiser Foundation Health Plan, Inc.

Annual Revenue (2022): $95.40 billion

Kaiser Foundation Health Plan, Inc. is the insurance subsidiary of the leading healthcare company, Kaiser Permanente. It is ranked 6th on our list of the best group insurance companies. It provides corporate insurance solutions to small and large businesses. Its plans include Group Medicare, occupational health, and additional benefits. The company reported an annual revenue of $95.40 billion in 2022.

Two of the top group insurance stocks to buy according to hedge funds include UnitedHealth Group Incorporated (NYSE:UNH) and AIA Group Limited (OTC:AAIGF).

Click to continue reading and see 5 Best Group Insurance Companies Heading into 2024.

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15 Best Group Insurance Companies Heading into 2024

Published on December 22, 2023 at 3:22 pm by Meerub Anjum in Business, Industries, Lists, News

Group Health Insurance Market

Key Players in the Market

15 Best Group Insurance Companies Heading into 2024

15. HealthPartners

14. Bupa

13. Providence Health Plan

12. American International Group, Inc. (NYSE:AIG)

11. Health Care Service Corporation

10. AXA SA (OTC:AXAHY)

9. The Cigna Group (NYSE:CI)

8. Chubb Limited (NYSE:CB)

7. Ping An Insurance (Group) Company of China, Ltd. (OTC:PNGAY)

6. Kaiser Foundation Health Plan, Inc.

The $250 Trillion AI Hype is Real. A few years from now, you’ll probably wish you’d bought this stock.

Published on May 16, 2026 at by Inan Dogan, PhD

Here’s why this is a deal you can’t afford to pass up:

Buy This $3 Stock Now Before the 400% Surge Begins

Published on May 15, 2026 at by Inan Dogan, PhD

Here’s why this is a deal you can’t afford to pass up:

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15 Best Group Insurance Companies Heading into 2024

Published on December 22, 2023 at 3:22 pm by Meerub Anjum in Business, Industries, Lists, News

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Group Health Insurance Market

Key Players in the Market

15 Best Group Insurance Companies Heading into 2024

15. HealthPartners

14. Bupa

13. Providence Health Plan

12. American International Group, Inc. (NYSE:AIG)

11. Health Care Service Corporation

10. AXA SA (OTC:AXAHY)

9. The Cigna Group (NYSE:CI)

8. Chubb Limited (NYSE:CB)

7. Ping An Insurance (Group) Company of China, Ltd. (OTC:PNGAY)

6. Kaiser Foundation Health Plan, Inc.

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The $250 Trillion AI Hype is Real. A few years from now, you’ll probably wish you’d bought this stock.

Published on May 16, 2026 at by Inan Dogan, PhD

Here’s why this is a deal you can’t afford to pass up:

Buy This $3 Stock Now Before the 400% Surge Begins

Published on May 15, 2026 at by Inan Dogan, PhD

Here’s why this is a deal you can’t afford to pass up: