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Discovery named world’s second most valued insurance brand

Vitality owner enters insurance rankings just behind Ping An

Discovery, the owner of Vitality, is the world’s second strongest insurance brand, according to a report by Brand Finance.

The South African company is a new entrant to this year’s Brand Finance Insurance 100 2019, scoring a brand strength index (BSI) score of 85.97 out of 100.

China’s Ping An is the world’s strongest and most valuable insurance brand, with its brand value up 93% to US$50.5bn, according to the brand valuation consultancy.

David Haigh, chief executive of Brand Finance, said Ping An, China Life and other Chinese insurance brands are benefiting from the growth of the middle-class consumer and their own ability to tap into the power of technology to sharpen their business.

“Whilst cybersecurity incidents and business interruptions dominate risk landscapes for companies of all sizes in the global market, innovative products, new health insurance products and good use of technology have made this a positive year for many insurance brands,” he said.

The total brand value for all insurance brands in China, according to this year’s Brand Finance Insurance 100 report, is US$98.2bn. This earns it pole position in the global insurance market.

The US drops to second place with a brand value of US$78.1bn.

While Chinese insurance brands Ping An, China Life and AIA hold the top three positions in the life insurance sector’s top 10, Munich-headquartered Allianz comes in fourth position and Prudential (UK) in ninth place.