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LIC The strongest insurance brand in the world: Brand Finance Insurance Report

An industry report stated "Brand Finance Insurance 100 2024" identifies Life Insurance Corporation of India (LIC) as the strongest insurance brand on a global Level.

Written by Thelearnvine

LIC Standing as the strongest international insurance brand, maintains a consistent brand value of $9.8 billion. The rankings are dominated by Chinese brands, with Ping An in the lead. LIC India is the leader in premium collection, and in addition, more than 110,000 employees have benefited from a recent wage revision.

According to the report, LIC maintains a consistent brand value of USD 9.8 billion, backed by a brand strength index score of 88.3 and a corresponding AAA brand strength rating.

Cathay Life Insurance, with a 9 percent increase in brand value to USD 4.9 billion, is positioned as the second most powerful brand after LIC, according to the rankings. Brand Finance Insurance has confirmed that NRMA Insurance, with an 82 percent increase in brand value to USD 1.3 billion, ranks closely behind.

LIC Chairman Siddhartha Mohanty stated, "We are conscious of the requirements of our customers and are consistently developing new products to satisfy their needs of insurance and investments. We mainly continue to focus intently on servicing clients and create value enhancement for all our policyholders.

LIC is humbled by being named 1st in the list of Strongest Insurance Brands 2024 by Brand Finance Insurance 100 2024 study which is a testament of their faith placed in the organization, he stated.

Notably, Chinese insurance brands continue supremacy in the worldwide rankings, with Ping An leading with a 4 per cent growth in brand value to USD 33.6 billion, followed by China Life Insurance and CPIC defending their 3rd and 5th places, respectively, it added.

Allianz from Germany and AXA from France keep their spots in the 2nd and 4th rankings to complete the Top 5, it added.

Among the brands seeing considerable growth in brand value, NRMA Insurance from Australia stands out with an 82 per cent gain to USD 1.3 billion, along with Denmark's Tryg, which witnessed a 66 per cent jump to USD 1.6 billion.

Additionally, LIC India earned the largest first-year premium collection at Rs 39,090 crore in FY23, and SBI Life Insurance and HDFC Life Insurance lead the private insurance industry with new business premium revenues of Rs 15,197 crore and Rs 10,970 crore .

In recent developments, the government authorized a 17 per cent salary increase for LIC staff, beginning from August 2022, benefiting around 110,000 employees.

LIC's shares also recorded an all-time high of Rs 1,175, making it India's largest and most valuable PSU firm and reclaiming its place as the fifth highest valued Indian listed company, passing SBI in its market value.

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