LIC is the world's strongest insurance brand, company's value stable at $ 9.8 billion
LIC: LIC India achieved a record premium collection of Rs 39,090 crore in 2022-23. SBI Life Insurance and HDFC Life Insurance led the private sector by achieving new premium collections of Rs 15,197 crore and Rs 10,970 crore, respectively.
Life Insurance Corporation of India (LIC) has emerged as the strongest insurance brand in the world. Its brand value remains stable at $9.8 billion. Also, the Brand Strength Score is 88.3 and the rating is AAA. According to the Brand Finance Insurance-100, 2024 report, Taiwan's Cathay Life Insurance is the second strongest brand on the list after LIC. Its brand value has increased by nine per cent to reach $4.9 billion. It is followed by Australia's NRMA Insurance, whose brand value has increased by 82% to $1.3 billion. Chinese insurance brands have maintained their dominance in global rankings.
Ping With a four per cent increase in value to $33.6 billion, a brand takes the lead. Following this, CPIC and China Life Insurance are ranked third and fifth, respectively. Allianz of Germany is still in second place, and AXA of France is still in fourth place.
In 2022–2023 LIC India collected a record-breaking Rs 39,090 crore in premiums. Leading the private sector in new premium collections with respective amounts of Rs 15,197 crore and Rs 10,970 crore were SBI Life Insurance and HDFC Life Insurance.
Additionally, LIC shares hit an all-time high of Rs 1,175. Thus, it became the most valuable government company in India. After surpassing SBI in market valuation, LIC reclaimed its ranking as the fifth most valuable listed company in India.
