Life Insurance Corporation of India (LIC) Becomes the Strongest Insurance Brand in the World

The largest insurance company in the world, Life Insurance Corporation of India (LIC), has become the strongest insurance brand in the world, according to a report Brand Finance Insurance 100 2024.

According to the report, LIC’s brand value is still stable at USD 9.8 billion, and it has an 88.3 brand strength index score and a corresponding AAA brand strength rating.

According to a statement from Brand Finance Insurance, after LIC, the rankings show Cathay Life Insurance as the second strongest brand, with a 9% increase in brand value to USD 4.9 billion. NRMA Insurance is the next strongest brand, with an 82 percent increase in brand value to USD 1.3 billion.

Commenting on the achievement, LIC Chairman Siddhartha Mohanty said, “We are conscious of the needs of our customers and are continuously developing new products to meet their needs of insurance and investments. We continue to focus sharply on customer servicing and create value enhancement for all our stakeholders.

He continued, saying that LIC is honored to be named #1 on the Strongest Insurance Brands 2024 list by Brand Finance Insurance 100 2024 report, which is a testament to the public’s faith in the business.

Notably, Chinese insurance companies continue to dominate the world rankings. Ping An, for example, topped the list with a 4% increase in brand value to USD 33.6 billion, while China Life Insurance and CPIC held onto their third and fifth places, respectively.

To round out the Top 5, Allianz from Germany and AXA from France are said to have held their places in second and fourth place, respectively.

NRMA Insurance from Australia and Tryg from Denmark are two of the brands that have seen the biggest increases in brand value. NRMA Insurance grew by 82% to USD 1.3 billion and 66% to USD 1.6 billion, respectively.

Furthermore, SBI Life Insurance and HDFC Life Insurance led the private sector in new business premium collections with Rs 15,197 crore and Rs 10,970 crore, respectively, while LIC India recorded the highest first-year premium collection of Rs 39,090 crore in FY23.

Recently, the government approved a 17% pay increase for LIC employees, which will take effect in August 2022 and benefit over 110,000 workers.

In addition, LIC’s shares hit an all-time high of Rs 1,175 at which point it surpassed SBI in market valuation to become the most valuable PSU company in India and to regain its position as the country’s fifth most valuable listed company.