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.