Here is a list of the largest insurance companies in the United Kingdom in terms of total assets. Headquartered in London, Legal & General Group is the largest British insurer with total assets of £561 billion. It employs about 8,000 people and offers life and health insurance, general insurance, asset management and pension services. Aviva plc is the second largest insurance company in the UK with £460 billion in assets. The company’s shares are listed on the London Stock Exchange with a market capitalization of £10.8 billion as of June 30, 2020.

Rank Company Total Assets, £b (12/2019)
1 Legal & General Group 560.607
2 Aviva plc 460.043
3 Prudential plc 346.912
4 Phoenix Group Holdings 242.677
5 AEGON UK * 83.331
6 RSA Insurance Group 19.962
7 NFU Mutual ** 18.241
8 Liverpool Victoria (LV=) 16.025
9 Direct Line Insurance Group 9.434
10 AIG Holdings Europe *** 8.905
11 Chesnara PLC 8.341
12 AXA Insurance UK plc 7.550
13 Allianz Insurance plc **** 4.970

* Aegon UK is a subsidiary of Aegon NV and a brand name for Scottish Equitable.
** NFU Mutual is a trading name for National Farmers Union Mutual Insurance Society Limited, the UK's leading rural insurer.
*** AIG Holdings Europe Limited (AHEL) is the holding company for American International Group UK Ltd (AIG UK), AIG Life and AIG Israel Insurance Company.
**** Allianz Insurance plc, part of German Allianz Group, is one of the top 10 general insurance companies in the UK.

Top UK Insurance Companies by Market Cap

Following are the largest insurance companies in the UK based on market capitalization.

Rank Company Market Capitalization (June 30, 2020)
1 Prudential plc £31.79 B
2 Legal & General £13.18 B
3 Aviva plc £10.75 B
4 St. James's Place £5.11 B
5 Phoenix Group * £4.65 B
6 RSA Insurance Group £4.24 B
7 Direct Line Insurance Group £3.70 B

* In September 2018, Phoenix completed acquisition of Standard Life Aberdeen's UK and European insurance business.