UK: TOP 10 Insurance Companies with Highest Sales

According to our database (as of April 2023), a total of more than 7.4M businesses are registered in the UK. More than 1M of them operate in the finance, insurance, and real estate sector - that’s 13.41% of all companies registered in the country. These companies have a share of 42.98% of all sales generated by UK-based businesses and employ 25.26% of all UK employees. All data used in this overview is available in individual companies’ annual reports.

Legal and General Assurance Society Limited had the highest sales in 2021

Legal and General Assurance Society Limited had the highest sales in 2021 - GBP 55.8B (a more than 4-fold increase compared to 2020). The company offers a range of insurance products, including life insurance, critical illness cover, and home insurance.

Legal and General Assurance (Pensions Management) was second. Its total sales were just under GBP 35B in 2021, which is almost three billion more than in 2020. The company provides pension management services to individuals and businesses in the UK.

Scottish Widows Limited was third with more than GBP 21.1B in sales (an increase of GBP 9B compared to 2020). The company provides insurance, pensions, and investment products to customers. Scottish Widows Limited is part of the Lloyds Banking Group.

Scottish Equitable plc was fourth with GBP 13.6B in sales (year-on-year increase of more than GBP 2B). The company offers a range of insurance products, including life insurance, pensions, and investments. Scottish Equitable plc is a subsidiary of Aegon N.V., a Dutch multinational life insurance and pensions company.

Aviva International Insurance Limited was fifth. In 2021, the company generated GBP 13.5B in sales (a year-on-year decrease of more than GBP 700M). Aviva International Insurance Limited offers various insurance products and services to individuals and businesses around the world and is a subsidiary of Aviva plc, a multinational insurance company headquartered in London, UK.

Standard Life Assurance Limited was sixth. The company generated more than GBP 11B in sales in 2021 (an increase of more than GBP 2B year-on-year.) Standard Life Assurance Limited provides life insurance, pensions, and savings products to customers in the UK.

BlackRock Life Limited was seventh with more than GBP 7.7B in sales (an increase of around GBP 1.5B year-on-year). The company offers life insurance products and retirement solutions to customers in the UK. BlackRock Life Limited is a subsidiary of BlackRock, Inc., one of the largest investment management firms in the world.

Phoenix Life Limited was eighth with sales of GBP 6.5B in 2021 (an increase of more than GBP 100M compared to 2020). Phoenix Life Limited is a life insurance and pensions company which offers a range of products and services designed to help customers plan for their future financial security.

Pension Insurance Corporation Group Limited was ninth. The company generated GBP 4.7B in sales in 2021 (a decrease of almost a billion pounds compared to 2020). Pension Insurance Corporation Group Limited provides pension buy-out solutions to UK pension schemes. It helps pension scheme trustees and sponsors manage the financial risks associated with their pension schemes.

U K Insurance Limited was tenth with sales of GBP 2.9B in 2021 (a decrease of less than three million pounds year-on-year). The company offers a range of insurance products, including motor, home, and travel insurance. U K Insurance Limited is a subsidiary of Direct Line Insurance Group plc, one of the largest personal lines insurance companies in the UK.

Legal and General Assurance Society Limited had the highest profit both before and after tax in 2021

Legal and General Assurance Society Limited had the highest profit before tax in 2021 - more than GBP 1.9B. Pension Insurance Corporation Group Limited was second with GBP 393M (GBP 276M the year before). Legal and General Assurance (Pensions Management) was third with GBP 376M. U K Insurance Limited was fourth with GBP 334.7M. Other companies had a profit before tax of less than GBP 300M and one company reported a loss: Aviva International Insurance Limited (GBP 172M), Scottish Widows Limited (GBP 132M), Standard Life Assurance Limited (GBP 111M), Scottish Equitable Plc (GBP 17.2M), Blackrock Life Limited (GBP 4.9M), Phoenix Life Limited (GBP -216M).

The ranking changes when comparing profit after tax. Number one and number two were the same - Legal and General Assurance Society Limited with GBP 1.55B and Pension Insurance Corporation Group Limited with GBP 254M. Legal and General Assurance (Pensions Management) was third (GBP 232M), Aviva International Insurance Limited was fourth (GBP 139M), Standard Life Assurance Limited was fifth (GBP 36M), Scottish Equitable Plc was sixth (GBP 22.9M), and Blackrock Life Limited was seventh (GBP 13.7M). In 2021, Scottish Widows Limited and Phoenix Life Limited reported a loss with GBP -8M and GBP -211M respectively.