Restructure gives AIG four-place boost
AIG has overtaken Aviva as the largest UK-regulated insurance company measured by gross written premium, according to the 2014 edition of the Insurance Times Top 50 Insurers.
The ranking, produced by rating agency Standard & Poor’s, saw AIG jump four places to take the number one spot after growing its 2013 gross written premium (GWP) by £3.3bn to £5.6bn.
AIG’s growth was the result of the company’s restructuring, under which AIG’s European business has transferred to the group’s UK-regulated company, AIG Europe Limited.
The premium boost put AIG ahead of Aviva, which reported 2013 GWP of £5.1bn. This was 3.7% down on the £5.3bn the company reported in 2012. Aviva topped the ranking the previous two years.
Another big change to the top five was that Direct Line Group fell two places to fifth from third after its GWP fell 6% to £3.2bn. The company has been cutting its book to maintain underwriting profitability.
AXA was the only company in the top five to maintain its position, holding fast in fourth place.
The data accompanying the ranking also reveals that the top 50 insurers as a group had a difficult 2013, with a deterioration in underwriting profitability.
Click here to see the full ranking.