Market capitalizations rise in Q3 for majority of largest European insurers

Fourteen of the 20 largest publicly listed European insurers saw their market capitalizations increase in the third quarter, with five of them logging double-digit gains, according to an S&P Global Market Intelligence analysis.

Multiline insurers retained the top three positions. Allianz SE remains Europe's largest insurer by market cap, despite posting a decline of 7.9% in the quarter. The German insurer finished the period with a market cap of €79.80 billion. France-based AXA SA held on to the second spot after its market value grew 12.7% to €57.51 billion. Zurich Insurance Group AG was in the No. 3 spot with a market cap of €52.67 billion, which was up 3.3% sequentially and up 19.3% from a year earlier.

Aegon NV recorded the biggest quarterly increase, as its market cap jumped 25.7% in the period to €9.05 billion.

The aggregate market value of the top 20 publicly traded European insurers came in at €503.21 billion as of Sept. 30, up 3.8% from the prior quarter and up 32.6% from the third quarter of 2020.