LIC Crowned World's Strongest Insurance Brand in Latest Brand Finance Report

New Delhi, Mar 26 - The Life Insurance Corporation of India (LIC) has been named the strongest insurance brand worldwide, as per the Brand Finance Insurance 100 2024 report. This prestigious recognition comes with LIC maintaining its brand value at an impressive USD 9.8 billion. The report further details LIC's brand strength index score at 88.3, earning it an AAA brand strength rating.

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Close on its heels, Cathay Life Insurance secured the second position with a brand value increase of 9% to USD 4.9 billion. NRMA Insurance, experiencing a significant surge in brand value by 82%, to USD 1.3 billion, was also highlighted for its remarkable growth.

LIC Chairman Siddhartha Mohanty expressed gratitude for the recognition, emphasizing the company's commitment to customer needs through continuous product development and enhanced customer service. "LIC is humbled by being ranked 1st in the list of Strongest Insurance Brands 2024 by Brand Finance Insurance 100 2024 report which is a reflection of their trust placed in the company," Mohanty stated.

The report also shed light on the dominance of Chinese insurance brands globally, with Ping An leading at a brand value of USD 33.6 billion after a 4% increase. German giant Allianz and French powerhouse AXA retained their second and fourth positions, respectively, showcasing the competitive landscape of the global insurance market.

Among those brands witnessing substantial growth, Australia's NRMA Insurance and Denmark's Tryg were noted for their significant increases in brand value, by 82% and 66% respectively.

Record-Breaking Achievements

In addition to its global recognition, LIC achieved a milestone in FY23 by collecting the highest first-year premium of Rs 39,090 crore. In the private sector, SBI Life Insurance and HDFC Life Insurance led with new business premium collections of Rs 15,197 crore and Rs 10,970 crore respectively.

Recent developments have further bolstered LIC's position in the industry. The government approved a 17% wage revision for LIC employees from August 2022, benefiting over 110,000 employees. Furthermore, LIC shares reached an all-time high of Rs 1,175, marking it as India's most valuable Public Sector Undertaking (PSU) and positioning it as the fifth most valuable listed company in India, surpassing SBI in market valuation.

This series of achievements underscores LIC's robust performance and unwavering commitment to excellence in the insurance sector. The company continues to lead by example, demonstrating its pivotal role in shaping the future of insurance both domestically and globally.