Insurance valuation multiples
Worldwide, the median listed insurer was valued at 1.7x book value and 11.7x normalised earnings at 30 September 2026. By region, the median was 1.7x in the United States, 2.0x in Europe, 1.3x in Japan and 1.1x in Emerging Asia.
Global 252 listed insurers at 30 September 2026
median
median
median
median
*Excludes companies with negative book equity. **Excludes companies with negative normalised earnings. ***Excludes companies with negative tangible book equity. How the figures are built
| P/B | P/E | ||||
|---|---|---|---|---|---|
| Region | Companies | Median | Aggregate | Median | Aggregate |
| Global | 240 | 1.7x | 1.8x | 11.7x | 10.8x |
| United States | 91 | 1.7x | 1.9x | 11.3x | 10.7x |
| Europe | 47 | 2.0x | 2.3x | 12.9x | 12.7x |
| Japan | 10 | 1.3x | 1.2x | 16.4x | 12.8x |
| Emerging Asia | 51 | 1.1x | 1.0x | 8.0x | 6.8x |
Companies: those in the P/B median. Median: the typical insurer. Aggregate: the industry as a whole, total value over total revenue, earnings or book value, with larger companies weighing more and loss-makers included. Larger companies weigh more in the aggregate, so it can differ from the median. n/m: not meaningful, or too few companies. How both are calculated
Valuation multiples by sector and region
What listed companies trade on worldwide, by region and sector, in ten pages. It may be shared and quoted with attribution to Siblis Research.
- Market multiples for eight regions: EV/EBITDA, P/E, EV/Sales, P/B
- 13 sectors by region: EV/EBITDA and P/E
- The most and least expensive industries
- Twelve quarters of history
| Multiple | Global | United States | Europe | Japan | Emerging Asia |
|---|---|---|---|---|---|
| P/BMarket value to book equity. The key multiple for insurers. | 1.7x | 1.7x | 2.0x | 1.3x | 1.1x |
| P/ENormalised earnings: one-off items removed. | 11.7x | 11.3x | 12.9x | 16.4x | 8.0x |
| P/TBVMarket value to tangible book equity. | 1.8x | 1.8x | 2.5x | 1.4x | 1.0x |
| Ratio | Global | United States | Europe | Japan | Emerging Asia |
|---|---|---|---|---|---|
| Return on equity | 14.6% | 15.5% | 15.9% | 8.6% | 12.8% |
| Return on tangible equity | 17.6% | 19.8% | 22.4% | 9.5% | 13.5% |
| Return on assets | 2.9% | 3.3% | 2.0% | 1.5% | 2.4% |
| Net margin | 10.0% | 10.8% | 8.5% | – | 10.3% |
Each ratio is the median of the companies that report the figure. Revenue growth compares the last twelve months with the twelve months before.
Global
- Allianz SEGermany
- China Life Insurance Co LtdChina
- Ping An Insurance (Group) Company of China LtdChina
- Chubb LtdUS
- Progressive CorpUS
of 252 companies
United States
- Chubb LtdUS
- Progressive CorpUS
- Marsh & McLennan Companies IncUS
- Travelers Companies IncUS
- MetLife IncUS
of 96 companies
Europe
- Allianz SEGermany
- Zurich Insurance Group AGSwitzerland
- AXA SAFrance
- Assicurazioni Generali SpAItaly
- Münchener Rückversicherungs-Gesellschaft AGGermany
of 49 companies
Japan
- MS&AD Insurance Group Holdings IncJapan
- Dai-ichi Life Holdings IncJapan
- Sompo Holdings IncJapan
- T&D Holdings IncJapan
- JAPAN POST INSURANCE Co LtdJapan
of 11 companies
Emerging Asia
- China Life Insurance Co LtdChina
- Ping An Insurance (Group) Company of China LtdChina
- Fubon Financial Holding Co LtdTaiwan
- People's Insurance of China LtdChina
- Cathay Financial Holding Co LtdTaiwan
of 55 companies
Subscribers get the figures of all 252 companies at 30 Sep 2026, and of every company in earlier quarters, delisted ones included, with their key multiples, size band, last reporting date and data flags. Every median and aggregate can be checked company by company, and every company figure traced back to that company's own filings.
| Sub-industry | Covers | P/B | P/E |
|---|---|---|---|
| Insurance Brokers | Insurance brokers and services | See plans | See plans |
| Life & Health Insurance | Life, annuity and supplemental health insurers | See plans | See plans |
| Property & Casualty Insurance | P&C, specialty and multi-line insurers | See plans | See plans |
| Reinsurance | Reinsurers | See plans | See plans |
Global medians, 30 Sep 2026
Global median P/B, 12 quarters
Insurance in the full data
Higher in every region
The global median P/B of insurers has risen from 1.4x in Q4 2023 to 1.7x, and every region's median is higher than at the start of the period. Insurers are valued on book value because their earnings swing with claims and investment results; the median normalised P/E is 11.7x.
Book value follows returns
European insurers trade at the highest median P/B of the four regions, 2.0x, on the highest median return on equity, 15.9%. US insurers trade at 1.7x on 15.5%, and Emerging Asian insurers at 1.1x, the lowest, on 12.8%. Japan's 10 listed insurers have the lowest median return, 8.6%, and the highest median P/E, 16.4x.
Size
Large and mid caps trade at a median 1.9x and 1.9x book value, small caps at 1.4x and micro caps at 0.9x. Life insurers, property and casualty insurers and brokers are valued on different measures, and the sub-industry matters more than the region.
What P/B multiple do insurers trade at?
The median listed insurer traded at 1.7x book value (P/B) at 30 September 2026, across 240 companies above USD 100m; the aggregate was 1.8x. United States 1.7x, Europe 2.0x, Japan 1.3x, Emerging Asia 1.1x.
What is the median P/E of insurers?
11.7x at 30 September 2026, across 228 companies; the aggregate was 10.8x.
Should a valuation use the median or the aggregate?
The median, with the 25th and 75th percentiles of a peer group close to the target in sub-industry and size. The aggregate describes the industry as an investor holding all of it would see it, and it is pulled towards the largest companies.
Do these figures include private insurers?
No. They cover listed companies with a market value above USD 100m. Data for US companies of USD 25–100m is available to subscribers as a separate universe.
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Companies with a market value above USD 100m whose main business is life, health, property and casualty insurance and reinsurance, listed on the largest stock markets in every region. Delisted companies are included for the dates they were listed, so past figures carry no survivorship bias.
Financial statements come from official filing databases where they exist, such as SEC EDGAR in the United States and EDINET in Japan, and otherwise from the companies' own published reports.
252 insurers at 30 September 2026. The number changes every quarter as companies list, delist or change industry. Companies with accounts more than about nine months old, and holding companies whose results are mainly revaluations of their investments, are left out.
The typical company: each counts once, from at least five values. A company with negative EBITDA, operating profit or normalised earnings is left out of the median of that multiple, as are multiples above 50x for EV/Sales or 100x for earnings multiples. So each median has its own number of companies.
The industry as a whole: total value over total revenue or earnings in US dollars, each company weighted by its free float, loss-makers included. Where one company is more than half the industry's value, the aggregate mostly describes that company; use the median.
Each figure uses only the financial statements public on the valuation date, over the last twelve months. Later restatements never change it.
Market value plus debt, preferred equity and minority interests, less cash. Lease liabilities are included on the IFRS 16 basis.
Restructuring, deal and litigation costs are added back; share-based pay stays an expense. Adjusted EBITDA adds share-based pay back as well.
Net earnings with one-off items removed, such as impairments, restructuring costs and disposal gains. The P/E uses these, never reported earnings.
Cite this page
Siblis Research (2026). Insurance Valuation Multiples [Data set]. Valuation date 30 September 2026. siblisresearch.com/valuation-multiples-by-industry/insurance/
Charts on this page may be reproduced with attribution to Siblis Research and a link to this page.
@misc{siblis_insurance_multiples,
title = {Insurance Valuation Multiples},
author = {{Siblis Research}},
year = {2026},
note = {Valuation date 30 September 2026},
url = {https://siblisresearch.com/valuation-multiples-by-industry/insurance/}
}