PZU SA made its way into the 20 largest European insurance companies by market capitalization at the end of 2018, ousting Standard Life Aberdeen PLC from the list by shooting up five notches to 18th place, data compiled by S&P Global Market Intelligence shows.

The list was largely unchanged compared to the previous quarter, with Chubb Ltd. moving up a notch to second and swapping places with Axa. Allianz Group held on to the top spot with a market cap of €74.59 billion.

Generali and Swiss Life Holding AG also moved up one notch to ninth and 17th places, respectively, while Willis Towers Watson PLC climbed two spots to 11th.