In a recent announcement, the renowned Life Insurance Corporation of India (LIC) has secured the top position as the world’s strongest insurance brand, as unveiled by the Brand Finance Insurance 100 2024 report.
According to the report, LIC’s brand value remains robust at USD 9.8 billion, boasting an impressive brand strength index score of 88.3 and an associated AAA brand strength rating.
Following closely behind LIC, Cathay Life Insurance emerged as the second strongest brand, witnessing a notable 9 per cent increase in brand value to USD 4.9 billion. Meanwhile, NRMA Insurance showcased remarkable growth, with an 82 per cent surge in brand value to USD 1.3 billion.
Expressing gratitude for this achievement, LIC Chairman Siddhartha Mohanty emphasized the company’s unwavering commitment to customer satisfaction and value creation for stakeholders.
Chinese insurance giants, including Ping An, continued their dominance in the global rankings, with Ping An leading the pack with a 4 per cent rise in brand value to USD 33.6 billion.
In addition, LIC India celebrated a significant milestone with the highest first-year premium collection of Rs 39,090 crore in FY23, while SBI Life Insurance and HDFC Life Insurance led the private sector with new business premium collections of Rs 15,197 crore and Rs 10,970 crore respectively.
Moreover, recent developments included the government’s approval of a 17 per cent wage revision for LIC employees, effective from August 2022, benefiting over 110,000 employees.
LIC’s shares also soared to an all-time high of Rs 1,175, reaffirming its position as India’s most valuable PSU company and reclaiming its status as the fifth most valuable Indian listed company, surpassing SBI in market valuation.
