LIC: The ‘Brand Finance Insurance 100 2024’ report found that India’s Insurance giant Life Insurance Corporation of India (LIC) has emerged as the world’s strongest insurance brand.
According to the report, LIC’s brand value remained stable at USD 9.8 billion, with a Brand Strength Index score of 88.3 and an associated AAA brand strength rating.
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Brand Finance Insurance stated that LIC was followed by Cathay Life Insurance as the second strongest brand, with a 9% increase in brand value to $4.9 billion. NRMA Insurance was close behind, with an 82% increase in brand value to USD 1.3 billion.
Notably, Chinese insurance brands continued to dominate the global rankings, with Ping brand value increasing by 4% to US$33.6 billion. China Life Insurance and CPIC retained their third and fifth positions respectively.
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Germany’s Allianz and France’s AXA maintained their positions at second and fourth place respectively to complete the top five.
Among the brands experiencing significant growth in brand value, Australia’s NRMA Insurance grew by 82% to US$1.3 billion, followed by Denmark’s Trig, which grew by 66% to US$1.6 billion.
Additionally, LIC India recorded the highest first-year premium collection in FY23 at Rs. 39,090 crores, while SBI Life Insurance and HDFC Life Insurance received Rs. 15,197 crore and Rs. 10,970 crores respectively in the new business premium collection, leading the private sector.
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In recent developments, the government has approved a 17% pay revision for LIC employees, effective from August 2022, which will benefit 110,000 employees.
LIC shares also hit an all-time high of Rs. 1,175, making it India’s most valuable PSU company and regaining its status as the fifth most valuable Indian listed company, surpassing SBI in market value.
(With PTI Inputs)
