LIC world's strongest insurance brand: Brand Finance Insurance Report
Life Insurance Corporation of India (LIC) is termed as the strongest insurance brand with a steady brand value of $9.8 billion, a brand strength index score of 88.3, and an associated AAA brand strength rating, notes a report by Brand Finance Insurance 100 2024.
According to the report, Cathay Life Insurance is the second strongest brand, with a 9 per cent increase in brand value to $4.9 billion, followed by NRMA Insurance, which saw an 82 per cent rise in brand value to $1.3 billion.
Meanwhile, Chinese insurance brands maintain dominance in the global rankings of most valuable insurance brands, with Ping An leading with a 4 per cent increase in brand value to $33.6 billion followed by China Life Insurance and CPIC retaining their third and fifth positions, respectively.
Allianz from Germany and AXA from France are holding on to their second and fourth positions in the top 5 rankings.
Apart from NRMA Insurance from Australia, another insurance company experiencing significant growth in brand value is Denmark's Tryg, which saw a 66 per cent rise to $1.6 billion.
Additionally, LIC achieved the highest first-year premium collection of Rs 39,090 crore in the financial year 2023, 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.
Commenting on the development, Siddhartha Mohanty, Chairperson, LIC said, “LIC is grateful to all its policyholders and stakeholders who have reposed their faith in LIC for almost seven decades. 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. We are humbled by being ranked first in the list of Strongest Insurance Brands 2024 by Brand Finance Insurance 2024, which is a reflection of their trust placed in us.”
Recently, the government also approved a 17 per cent wage revision for LIC employees, effective from August 2022, benefiting over 110,000 employees. LIC's shares also reached an all-time high of Rs 1,175, making it India's most valuable public sector undertaking (PSU) company and reclaiming its status as the fifth most valuable Indian listed company, surpassing SBI in market valuation.