China’s Ping An has topped a list of the world’s most valuable insurance brands for the 10th year running, while Allianz remains in second spot, followed by US group Progressive.

The annual ranking by consultant Brand Finance finds the top 100 insurance brands are collectively worth $US606.7 billion ($844.5 billion), up 14% on last year.

“The rise underscores resilient earnings and tighter underwriting discipline across global markets, while China continues to be a major driver of global insurance brand value, supported by demographic trends and growing demand for protection and retirement products,” Brand Finance said.

Ping An’s “consistent” performance across its insurance portfolio and “strengthened” risk management lifted its brand value 19% to $US40 billion ($55 billion).

Germany’s Allianz has a brand valued at about $US34.9 billion ($48.5 billion), up 31%. “The uplift reflects robust revenue growth across both [property and casualty] and life and health businesses, supported by record operating profits,” Brand Finance said.

Progressive delivered one of the best improvements, climbing seven spots. Its brand value surged 79% to $US25.4 billion ($35.3 billion).

Brand Finance says the US insurer’s rise was driven by a “sharp increase in historic revenues alongside a marked improvement in brand strength. Rapid expansion in personal lines, particularly auto insurance, combined with disciplined pricing and a significantly improved combined ratio, underpins this standout result.”

QBE is the top Australian brand, jumping five spots to 46th on the list.