9 P&C firms named to Fortune's 'Most Admired' list.
Two insurance firms earned top spots on Fortune's "Most Admired 2015" companies list, placing in the highest 50 out of 1,400 eligible global businesses. And of those two, one P&C company grabbed the bronze ring--placing third, behind Apple and Google.
The "Most Admired 2015" list covers 55 industries, and nearly 350 companies received the "Most Admired" designation.
To create the industry lists, more than 4,000 executives, directors and analysts rated companies in their own industries on nine criteria that affect reputation: innovation, people management, use of corporate assets, social responsibility, quality of management, financial soundness, long-term investment value, quality of products/services, and global competitiveness.
On the following pages are the nine P&C insurance companies that received the "Most Admired" designation from Fortune. Can you guess which two P&C firms ranked in the No. 3 and No. 28 spots overall?
9. Zurich Insurance Group
The firm dropped two places from its 2014 industry ranking and received an overall score of 5.71.
According to Fortune's nine reputation attributes, Zurich ranked third in global competitivesness and fifth in social reponsibility. Contributing to its lower score, the company scored 12th in both financial soundness and long-term investment value.
The firm's lower ranks in innovation and quality of management (both No. 13), quality of products/services (No. 12) and social responsibility (No. 11) may have been the reason why the firm dropped four spots from its P&C overall 2014 ranking.
But there is good news for Allianz: The company also ranked No. 68 on Fortune's list of Best Companies to Work For.
The Northbrook, Ill.-based firm scored highest in Fortune's reputational attributes with social responsibility and long-term investment value (both No. 3). However, its low ranks in people management (No. 14) and global competiveness (No. 15) may have dragged down its overall score.
6. Swiss Re
Previously unranked, Swiss Re debuts at the No. 6 spot for P&C insurance companies with an overall score of 5.79. The insurer is good at being good: The majority of its reputational scores came in among the top four to eight spots.
5. American International Group
Jumping eight spots from 2014 and with an overall score of 5.81, the firm edged out its lower-ranking competitors with a No. 1 ranking in its reputation for global competiveness. AIG also ranked in the top 5 for innovation (No. 3) and quality of products/services (No. 5). Its lowest-ranking reputation attribute, social responsibility, came in at No. 15.
4. State Farm Insurance
Raising its 2014 ranking by two spots, the Bloomington, Ill.-based insurer ranked No. 1 in social reponsibility and came in second in both the quality of products/services and financial soundness categories.
Perhaps why the firm lost the No. 3 industry spot--its reputation concerning global competitivness ranked No. 17. State Farm ranked No. 129 on Fortune's overall list.
3. The Travelers Cos.
The insurer jumped two places in its industry rank from 2014, ranking highly in long-term investment value (No. 2), quality of products/services, quality of management, use of corporate assets and people management (all No. 3). All of its reputation rankings scored in the top 10, but innovation and global competitiveness ranked lowest.
Out of four new companies named to Fortune's top 50, USAA debuted the highest at No. 28 among all companies.
The firm improved its P&C industry ranking by one spot this year. Seven of its reputational attributes scored in the top three by industry, including quality of products/services, which came in at No. 1. The firm also ranked No. 33 on Fortune's list of Best Companies to Work For.
1. Berkshire Hathaway
It's easy to see why the Omaha, Neb. firm is No. 1. Not only did Warren Buffett's company earn the blue ribbon in the P&C industry rankings, but it also ranked No. 3 among all companies--raising its spot by one from last year.
With an overall score of 6.94, the company ranked at No. 1 in an astounding six categories (innovation, people management, use of corporate assets, quality of management, financial soundness and long-term investment value). Two additional reputation attributes ranked in the top three: global competitiveness (No. 2) and quality of products/services (No. 3). Its one weakness? Social responsibility (No. 9).
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|Publication:||Property and Casualty 360|
|Date:||Mar 10, 2015|
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