Indian Economy News

LIC world's strongest insurance brand: Brand Finance Insurance Report

  • IBEF
  • March 27, 2024

Life Insurance Corporation of India (LIC) has been recognized as the leading insurance brand, boasting a consistent brand value of US$ 9.8 billion, a brand strength index score of 88.3, and an esteemed AAA brand strength rating as per the findings of the Brand Finance Insurance 100 2024 report. The report also highlights Cathay Life Insurance as the second strongest brand, experiencing a 9% growth in brand value to reach US$ 4.9 billion, followed by NRMA Insurance, which witnessed an impressive 82% surge in brand value to US$ 1.3 billion.

In the financial year 2023, LIC achieved the highest first-year premium collection of US$ 4.69 billion (Rs. 39,090 crore), while SBI Life Insurance and HDFC Life Insurance emerged as leaders in the private sector with new business premium collections of US$ 1.82 billion (Rs. 15,197 crore) and US$ 1.32 billion (Rs. 10,970 crore), respectively.

Furthermore, the government approved a 17% wage increase for LIC employees, effective from August 2022, benefiting over 110,000 employees. Notably, LIC's shares reached a record high of US$ 14.1 (Rs. 1,175), solidifying its position as India's most valuable public sector undertaking (PSU) company.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.