The 2023 Fortune 500® list released today by Fortune magazine ranks Western & Southern Financial Group No. 314 (up 58 spots from No. 372 in 2022), with $13.2 billion in revenue for 2022. This is the biggest jump the company has made since it first appeared on the list in 2004 at No. 443.
Western & Southern delivered solid financial results in 2022 despite significant challenges faced by the life insurance industry. The company finished the year with record assets owned. For the second consecutive year, its total assets owned and managed exceeded $100 billion. While the industry saw declines in total net worth and capital-to-asset ratios, Western & Southern’s capital-to-asset ratio of 13.4% was triple the average capital-to-asset ratio of the 15 largest publicly traded life insurers doing business in the U.S.
On the 2023 list, Western & Southern ranked sixth among mutual life and health insurance companies and 15th among the combined mutual and stock life and health insurance companies. Western & Southern is one of 24 Ohio companies and five from the Greater Cincinnati area to make the list.
The five local companies on the 2023 list (2022 ranking noted in parentheses) are:
Kroger 24 (21)
Procter & Gamble 51 (47)
Western & Southern Financial Group 314 (372)
Fifth Third Bancorp 411 (415)
Cintas 473 (470)
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