The 2022 Fortune 500 list released today by Fortune magazine ranks Western & Southern Financial Group No. 372 (up 2 spots from No. 374 in 2021), with $9.4 billion in revenue for 2021.
Western & Southern ended the year with the strongest balance sheet in the company's history and a capital-to-asset ratio exceeding 19%, more than double the average capital-to-asset ratio of the 15 largest publicly traded life insurers doing business in the U.S.
On the 2022 list, Western & Southern ranked seventh among mutual life and health insurance companies and 17th among the combined mutual and stock life and health insurance companies. Western & Southern is one of 25 Ohio companies and seven from the Greater Cincinnati area to make the list – more than any other city in Ohio, Indiana or Kentucky.
The seven local companies on the 2022 list (2021 ranking noted in parentheses) are:
Kroger 21 (17)
Procter & Gamble 47 (43)
Cincinnati Financial Corporation 367 (386)
Western & Southern Financial Group 372 (374)
Fifth Third Bancorp 415 (358)
American Financial Group 454 (376)
Cintas 470 (410)
For mutual companies like Western & Southern, Fortune uses revenue reported on a statutory accounting basis to rank companies for inclusion on the Fortune 500 list. Because of that, the numbers differ from the GAAP (Generally Accepted Accounting Principles) numbers cited in our annual report.