The 2024 Fortune 500® list released today by Fortune® magazine ranks Western & Southern Financial Group No. 284 (up 30 spots from No. 314 in 2023), with $14.8 billion in revenue for 2023. This notable increase builds on last year's record-breaking leap of 58 spots.
Western & Southern delivered best-ever financial results in 2023 despite significant challenges in the industry, market volatility and high inflation. The company finished the year with record results in a number of areas, including operating income, life and health premiums, annuity sales and assets owned and managed.
While the industry continued to see declines in capital-to-asset ratios, Western & Southern’s capital-to-asset ratio of 14.6% remained 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 2024 list, Western & Southern ranked sixth among mutual life and health insurance companies and 11th among the combined mutual and stock life and health insurance companies. Western & Southern is one of 27 Ohio companies and eight from the Greater Cincinnati area to make the list – more than any other city in Ohio, Indiana or Kentucky.
The local companies on the 2024 list (2023 ranking noted in parentheses) are:
Kroger 25 (24)
Procter & Gamble 50 (51)
General Electric* 56 (52)
Western & Southern Financial Group 284 (314)
Fifth Third Bancorp 321 (411)
Cincinnati Financial 393
Cintas 437 (473)
American Financial Group 470
For mutual companies like Western & Southern, Fortune® uses revenue reported on a statutory accounting basis to rank companies for inclusion on the Fortune500® list. Accordingly, the numbers differ from the GAAP (Generally Accepted Accounting Principles) numbers cited in our 2023 Western & Southern Annual Report.
* 2024 ranking represents General Electric’s position prior to completion of its spinoff to GE Vernova and GE Aerospace this year. GE Aerospace relocated its headquarters to Greater Cincinnati in April 2024.
From Fortune ©2024 Fortune Media IP Limited. All rights reserved. Used under license. Fortune and Fortune 500 are registered trademarks of Fortune Media IP Limited and are used under license. Fortune and Fortune Media IP Limited are not affiliated with, and do not endorse the products or services of Western & Southern Financial Group.
