Eight of the 20 largest US-listed insurers saw their market capitalizations rise in the second quarter, according to an S&P Global Market Intelligence analysis.
Managed care insurer UnitedHealth Group Inc. retained its position as the largest insurer by market cap. At $468.72 billion, UnitedHealth's market cap as of June 28 was up 2.8% from March 28.
Elevance Health Inc., another health insurance carrier, placed second in the rankings. The company saw a market cap increase of 4.4% during the period to $125.94 billion.
Among the 20 largest insurers, Arch Capital Group Ltd. had the largest gain in market cap between March 28 and June 28, with an increase of 9.2% to $37.73 billion from $34.54 billion.
The property and casualty insurer's growth in the first half of 2024 continued after a strong end to 2023. According to the performance rankings, Arch Capital was the second strongest performer in 2023 among the top 100 public US insurers based on high returns on both assets and surplus.
Managed care insurer Humana Inc. reported the second-largest percentage rise in market cap, with its value increasing 7.7% to $45.03 billion, compared to $41.80 billion as of March 28. However, the insurer's market cap was down 19.4% from its June 30,2023, level of $55.87 billion — the largest annual decline among the 20 companies in the list.
Centene Corp., another managed care insurer, logged the most-significant market cap decrease in the second quarter among the 20 companies. At $35.38 billion, the insurer's market cap as of June 28 represented a decline of 15.7% from March 28.
On an annual basis, Erie Indemnity Co. reported the largest market cap gain at 72.6% to $18.95 billion.
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– Use a template that presents financial highlights and various peer comparisons for public US insurers .
Insurance companies generally lagged the broader market in the second quarter. The S&P 500 was up 4.3%, while the S&P 500 Insurance index declined by 2.4%.
