Despite LIC topping the list, Chinese insurance brands have maintained their dominance in the global rankings. Chinese insurance company Ping An is at the top in its country with a 4 percent increase in brand value to $33.6 billion.
Insurance sector giant Life Insurance Corporation of India (LIC) is the strongest insurance brand in the world. The Brand Finance Insurance 100 report for the year 2024 states that the brand value of LIC remains at $9.8 billion. LIC’s Brand Strength Index score is 88.3 and its Brand Strength Rating is AAA.
According to Brand Finance Insurance, Cathay Life Insurance has been said to be the second strongest brand in the list after LIC. The brand value of Cathay Life Insurance has increased by nine percent to $4.9 billion. After this is NRMA Insurance, whose brand value has increased by 82 percent to $1.3 billion.
Despite LIC topping the global list,
China’s insurance brands have maintained their dominance in the global rankings. Chinese insurance company Ping An is at the top in its country with a 4 percent increase in brand value to $33.6 billion. After this, China Life Insurance and CPIC are at third and fifth position.
Why is LIC powerful?
The strength of LIC can be gauged from its first year premium collection figures. LIC received a first year premium of Rs 39 thousand 90 crore in 2022-23, while SBI Life Insurance received a new premium collection of Rs 15 thousand 197 crore and HDFC Life Insurance received a new premium collection of Rs 10 thousand 970 crore.
It is noteworthy that LIC is India’s most valuable government company, it has overtaken SBI in market valuation to become the fifth most valuable Indian listed company. Life Insurance Corporation of India or LIC is India’s largest government life insurance company and also the country’s largest investor company. It is completely owned by the Government of India.
Let us tell you, LIC’s IPO came in May-2022, the issue price of shares of the insurance company offering the country’s largest IPO was fixed at Rs 949. Its listing was at Rs 867.20 with a decline of 9 percent. At present the share is trading below its IPO price.
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