112
FIGURE 26: FINANCIAL SERVICES ECONOMIC OUTPUT AS A % OF THE UK ECONOMY
Source: Rhodes (2019)
The UK insurance market is considered the largest in Europe and the fourth largest in the world.
Apart from the gains recorded in the domestic insurance market, one unique feature of the UK
insurance market is its global role as an exporter of insurance to other countries. It has
significantly played this historical role as a world leader in exporting UK insurance to the rest of
the world. below shows the leading insurance companies that are trading on the
London Stock Exchange as of April 2019. The companies are ranked by market capitalisation in
billion GBP.
FIGURE 27: LEADING INSURANCE COMPANIES OF THE UK
Source: Statista
It is seen that Prudential Plc is the leading insurance company, based on its market capitalisation
of over GBP 45 billion. It is pertinent to note that Prudential Plc has established its Takaful
subsidiaries in countries like Malaysia. In Malaysia, Prudential BSN Takaful Berhad operates as
a joint venture company owned partly by an indirect subsidiary of Prudential Plc of the UK.
0,0%
1,0%
2,0%
3,0%
4,0%
5,0%
6,0%
7,0%
8,0%
9,0%
10,0%
1990199119921993199419951996199719981999200020012002200320042005200620072008200920102011201220132014201520162017
4,82
5,21
5,75
5,95
6,06
6,41
16,58
17,11
31,52
45,1
0 5 10 15 20 25 30 35 40 45 50
Hiscox Ltd
Phoenix Group Holding Plc
RSA Insurance Group Plc
St. James's Place Plc
Old Mutual Plc
Admiral Group Plc
Legal & General Group PLIc
Aviva Plc
Marsh &Mclennan Cos. Inc
Prudential Plc
Market capitalization (in billion GBP)