As the stock market hit new highs, the Life Insurance Corporation of India (LIC) earned a record 37,000 crore profit from share sales in 2020-21, the highest in its 65-year history. The current profit is up 44.4 percent from the fiscal 2020 profit of 25,625 crores from stock sales. During the fiscal year, India's largest institutional investor bought shares worth a total of 94,000 crores, the highest amount ever.
According to a study by Brand Finance Insurance 100 2021, a London-based brand valuation consulting company, the state-owned insurance behemoth Life Insurance Corporation (LIC) has emerged as the third strongest and tenth most valuable insurance brand globally.
As the insurance industry deals with the fallout from the COVID-19 pandemic, the total rating of the top 100 most profitable insurance brands has dropped by 6%. LIC's brand value, on the other hand, rose by nearly 7% to $8.65 billion.
After a 26 percent decline in brand value to US$44.8 billion, Ping An remains the world's most valuable insurance brand.
Five Chinese insurance companies are among the world's top ten most valuable insurance brands, with Ping An Insurance emerging as the most valuable insurance company amid a 26% decrease in brand value.
The United States has two insurance firms in the top ten, while France, Germany, and India each have one. In terms of the most powerful insurance brands, Italy's Poste Italiane leads the pack, led by Mapfre of the United States and LIC of India.