According to the Brand Finance Insurance 100 2024 report, Indian Life Insurance Corporation (LIC) has emerged as the strongest insurance brand globally in the insurance sector.

The report states that LIC’s brand value has stabilized at $9.8 billion, with a brand strength index score of 88.3 and an associated AAA brand strength rating.

After LIC, in the ranking, Kotak Life Insurance has been shown as the second strongest brand, whose brand value has increased by 9 percent to $4.9 billion, followed by NRM Insurance, whose brand value has increased by 82 percent to $1.3 billion, according to a statement by Brand Finance Insurance.

Commenting on the achievement, LIC Chairman Siddharth Mohanty said, “We are vigilant to the needs of our customers and continuously developing new products to fulfill their insurance and investment needs. We remain focused on speedy customer service and strive for value enhancement for all our stakeholders.”

He stated that securing the top position in the list of the strongest insurance brands of 2024 as per the Brand Finance Insurance 100 2024 report is a testament to the trust placed in LIC, which is reflective of their commitment within the company.

Specifically, Chinese insurance brands have maintained their dominance in global rankings, with Ping An Insurance leading with up to $33.6 billion in brand value, a 4 percent increase. Following closely are China Life Insurance and CPIC, ranking third and fifth respectively.

It is mentioned that Germany’s Allianz and France’s AXA have maintained their positions in the top 5, securing second and fourth place respectively.

Among the brands experiencing significant growth in brand value, Australia’s NRMA Insurance has reached up to $1.3 billion with an 82 percent increase, while Denmark’s Tryg has also reached $1.6 billion with a 66 percent increase.

Additionally, LIC India achieved the highest first-year premium collection of ₹39,090 crores in the financial year 2013, while SBI Life Insurance and HDFC Life Insurance led the private sector with new business premium collections of ₹15,197 crores and ₹10,970 crores respectively.

In recent events, the government approved a 17 percent wage revision for LIC employees effective from August 2022, benefiting over 110,000 employees.

LIC’s shares have also reached a lifetime high of 1,175 rupees, making it India’s most valuable PSU company and reclaiming its position as the fifth most valuable Indian listed company in market capitalization, surpassing SBI.”