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.
Maintaining its strong position in the market, Life Insurance Corporation of India has emerged as the top insurance brand globally, according to the Brand Finance Insurance 100 2024 report. The report has revealed that LIC’s brand value is steady at $9.8 billion, accompanied by an impressive brand strength index score of 88.3 and an AAA brand strength rating.
Cathay Life Insurance bags second spot!
With a 9 per cent increase in brand value, Cathay Life Insurance is just a close step behind LIC. The company has been ranked as the second strongest brand, with an increase in brand value to $4.9 billion. NRMA Insurance is on the third spot with an 82 per cent rise in brand value to $1.3 billion, the report said.
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Chinese insurance brands continue to dominate the global rankings, led by Ping An with a 4 per cent increase in brand value to USD 33.6 billion. China Life Insurance and CPIC maintain their positions at 3rd and 5th respectively. Allianz from Germany and AXA from France secure their places in the Top 5.
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, alongside Denmark’s Tryg, which witnessed 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.
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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 on February 9, 2024. Though the share price came off nearly 25% from its February highs, industry observers are hopeful about the country’s largest insurerachieving double-digit growth in new business premiums.
(With Agency Inputs)
