Tuesday, July 23, 2024

LIC becomes the world’s strongest insurance brand, defeating big giants

The flag of the country’s largest insurance company, Life Insurance Corporation of India, has been hoisted all over the world. Life Insurance Corporation of India (LIC) has been chosen as the strongest insurance brand in the world. LIC has overtaken all the leading insurance companies of the world and secured the first position in the list.

LIC’s brand value estimated at $9.8 billion

According to the Brand Finance Insurance 100 report, LIC has become the top insurance brand. The brand value of public sector company LIC has been estimated at $9.8 billion. LIC has got a score of 88.3 on Brand Strength Index and also AAA Rating. Cathay Life Insurance has been ranked second in this report. NRMA Insurance has captured the third position.

82 percent jump in brand value of NRMA

According to the report, the brand value of Taiwan’s Cathy Life Insurance has increased by 9 percent. The brand value of the company has been estimated at $4.9 billion. On the other hand, there was a huge jump of 82 percent in the brand value of Australia’s NRMA Insurance and it has reached the brand value of $ 1.3 billion. The report claims that China’s insurance brands are ahead in the global ranking. The brand value of Danish insurance company Tryg has also seen a huge jump of 66 percent and has touched the figure of $1.6 billion.

Received new business premium of Rs 39,090 crore

LIC India had received Rs 39,090 crore as first year premium in FY 2023. Apart from this, SBI Life Insurance received new business premium of Rs 15,197 crore and HDFC Life Insurance received new business premium of Rs 10,970 crore. The Government of India had recently increased the salaries of LIC employees by 17 percent. On February 9, 2024, shares of LIC had touched their all-time high figure of Rs 1175.

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