All but 5 top US insurers see market cap growth in Q2

Fifteen of the 20 largest U.S.-listed insurers by market capitalization posted higher quarter-over-quarter growth in valuation as of June 30 as the domestic economy continued to recover from the COVID-19 pandemic and stock markets hit record highs.

Centene Corp. recorded the biggest gain during the period, according to an S&P Global Market Intelligence analysis. The insurer's market capitalization grew 14.3% to $42.50 billion, helping it climb two positions in the rankings to the No. 8 spot.

Managed care insurers continued to occupy the top three spots in the rankings. UnitedHealth Group Inc. recorded a 7.4% increase in market cap to $377.90 billion. Anthem Inc. and Cigna Corp. were a distant second and third with market valuations of $93.48 billion and $81.35 billion, respectively.

Property and casualty insurers Chubb Ltd. and The Progressive Corp. rounded out the top five with market capitalizations of $71.47 billion and $57.47 billion, respectively.

The S&P 500 Insurance index rose 5.3% in the quarter, while the broader S&P 500 index jumped 8.6%.