LIC becomes world's strongest insurance brand: Report

Utkarsh Classes Last Updated 29-03-2024

Report 3 min read

Life Insurance Corporation of India (LIC) has emerged as the strongest insurance brand in the world in a report released by Brand Finance Insurance on 26 March 2024. The brand value of LIC remains stable at $9.8 billion.

Highlights of Brand Finance Insurance Report:

LIC has been given a brand strength score of 88.3 in this report.
LIC has been given AAA rating in the report.
The brand value of LIC is $9.8 billion.
According to the Brand Finance Insurance-100, 2024 report, Taiwan's Cathay Life Insurance is the second strongest brand in the list after LIC.
Its brand value has increased by nine percent to reach $4.9 billion.
It is followed by Australia's NRMA Insurance, whose brand value has increased by 82% to $1.3 billion.

Chinese insurance brands continue to dominate global rankings report:

Chinese insurance brands continue to dominate global rankings. In this report, three of the top five insurance companies in the world are from China.

Top five insurance companies in the Brand Finance Insurance report:

Ping An brand leads the way with a four percent increase in value to $33.6 billion.
China Life Insurance ranks third globally, while CPIC is fifth in global rankings.
Germany's Allianz has retained its second position and France's AXA has retained its fourth position. This can be seen in the following table:

Global Ranking	Insurance Company
1	Ping An (China)
2	Allianz (Germany)]
3	China Life Insurance (China)
4	AXA (France)
5	CPIC (China)

LIC India's record premium collection:

LIC India achieves record premium collection of Rs 39,090 crore in 2022-23.
SBI Life Insurance achieved a new premium collection of Rs 15,197 crore.
While HDFC Life Insurance led the private sector by achieving new premium collections of Rs 10,970 crore.

LIC left SBI behind:

LIC shares also reached an all-time high of Rs 1,175. This made it India's most valuable government company.
LIC regained its position as the fifth most valuable Indian listed company, overtaking SBI in market valuation.