LIC India also achieved the highest first-year premium collection of Rs 39,090 crore in FY23.
Credit: Reuters Photo
New Delhi: Insurance behemoth Life Insurance Corporation of India (LIC) has emerged as the strongest insurance brand globally, according to a report Brand Finance Insurance 100 2024.
The report said that LIC's brand value remains steady at $9.8 billion, accompanied by a brand strength index score of 88.3 and an associated AAA brand strength rating.
Following LIC, the rankings highlight Cathay Life Insurance as the second strongest brand, experiencing a 9 per cent increase in brand value to $4.9 billion, closely followed by NRMA Insurance, which saw an 82 per cent rise in brand value to $1.3 billion, according to a statement by Brand Finance Insurance.
Commenting on the achievement, LIC Chairman Siddhartha Mohanty said, "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."
"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," he added.
Notably, Chinese insurance brands maintain dominance in the global rankings, with Ping An leading with a 4 per cent increase in brand value to $33.6 billion, followed by China Life Insurance and CPIC defending their 3rd and 5th positions, respectively, it said.
Allianz from Germany and AXA from France retain their spots in the 2nd and 4th positions to complete the Top 5, it said.
Among the brands experiencing significant growth in brand value, NRMA Insurance from Australia stands out with an 82 per cent increase to $1.3 billion, along with Denmark's Tryg, which saw a 66 per cent rise to $1.6 billion.
Additionally, LIC India achieved the highest first-year premium collection of Rs 39,090 crore in FY23, 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.
In recent developments, the government 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 PSU company and reclaiming its status as the fifth most valuable Indian listed company, surpassing SBI in market valuation.