IFRS shifts AM Best’s reinsurance list

Munich Re topped this year’s rankings with $32.9b in revenue.

The implementation of IFRS 17 accounting standards has led to a significant change in AM Best's annual ranking of top reinsurance groups for 2023. This adjustment was necessary due to the lack of comparability introduced by IFRS 17, which shifts the focus from traditional metrics like premiums written and earned to insurance revenue that reflects what an insurer has earned for services rendered.

In the 2023 ranking, companies reporting under IFRS 17 are ranked based on gross reinsurance revenue, whilst those not reporting under IFRS 17 are ranked according to gross written reinsurance premiums. 

Under this new approach, Munich Reinsurance leads the IFRS 17 reporting reinsurers with nearly $32.9b in reinsurance revenue, followed by Hannover Rück SE with $27.0b and SCOR SE with $17.6b. On the other hand, Swiss Re Ltd. tops the non-IFRS 17 list with $40.5b in gross premium written, followed by Berkshire Hathaway, Inc. at $27.5b and Lloyd’s at $22.1b.

“This year’s list of the top reinsurers looks different than it has in prior years, as the analysis has evolved to provide the most relevant rankings possible,” said Carlos Wong-Fupuy, senior director, of AM Best.