LIC Named World's Strongest Insurance Brand

Tags: Economy/Finance

The latest Brand Finance Insurance 100 2024 report positions Life Insurance Corporation of India (LIC) as the world's most robust insurance brand, emphasizing its global reputation and reliability.

An Overview of the News

• LIC maintains its top spot globally with a consistent brand value of USD 9.8 billion, solidifying its dominance in the insurance industry.

• Cathay Life Insurance follows closely with a 9% increase in brand value to USD 4.9 billion, securing the second position.

• NRMA Insurance ranks third, witnessing an impressive 82% rise in brand value to USD 1.3 billion.

Impressive Premium Collection of LIC

• LIC India achieves a remarkable feat by recording the highest first-year premium collection of Rs 39,090 crore in FY23, showcasing its financial strength.

• SBI Life Insurance and HDFC Life Insurance lead the private sector, with significant premium collections of Rs 15,197 crore and Rs 10,970 crore, respectively.

Market Performance and Share Price of LIC

• LIC's shares reach an all-time high, reinforcing its position as India’s fifth most valuable listed company and highlighting its market dominance.

Global Dominance of Chinese Brands

• Chinese insurance giants such as Ping An, China Life Insurance, and CPIC continue to lead global rankings, with Ping An witnessing a 4% rise in brand value to USD 33.6 billion.

Notable Growth in Brand Values

• NRMA Insurance from Australia experiences a notable 82% increase in brand value to USD 1.3 billion, while Denmark’s Tryg witnesses a 66% rise to USD 1.6 billion, reflecting significant growth in brand value.