Only three of the top 20 public European insurers saw their market capitalizations decline sequentially in the fourth quarter of 2021, according to an S&P Global Market Intelligence analysis.

Allianz SE remained well ahead of its peers, as its market capitalization rose 6.3% quarter over quarter to €84.82 billion. Axa SA held firm in second place with €62.58 billion in market capitalization, and Switzerland's Zurich Insurance Group AG maintained its third-place position with a market capitalization of €57.44 billion as of 2021-end.

Prudential PLC, the fourth-largest insurer in these rankings, posted the largest quarter-over-quarter decline during the period. Its market capitalization fell 12.4% to €41.47 billion.

Poste Italiane SpA and Aegon NV also recorded quarter-over-quarter declines in market cap at 3.3% and 2.5%, respectively. Poste Italiane ticked down to 13th place from 12th place, while Aegon remained in 20th place.

On a quarter-over-quarter basis, CNP Assurances SA posted the largest sequential market cap increase at 58.5%. The French insurer finished the quarter with a market capitalization of €14.92 billion, rising to 14th place from 18th place.

Denmark's Tryg A/S logged the largest year-over-year increase in market cap with an 82.1% gain.