Life Insurance Corporation of India (LIC) has secured its position as the world’s strongest insurance brand, as per the latest Brand Finance Insurance 100 2024 report. The achievement underlines LIC’s exceptional reputation and reliability among global insurance brands. The report’s findings spotlight LIC’s relentless dedication to customer satisfaction.
- LIC emerges as the world’s strongest insurance brand, maintaining a steady brand value of USD 9.8 billion.
- Cathay Life Insurance ranks second with a 9% increase in brand value to USD 4.9 billion. Ranking 3rd is NRMA Insurance, with an 82% rise to USD 1.3 billion.
- LIC India achieves the highest first-year premium collection of Rs 39,090 crore in FY23.
- SBI Life Insurance and HDFC Life Insurance lead in the private sector.
- LIC’s shares hit an all-time high, reclaiming its status as India’s fifth most valuable listed company.
Highlights of the Brand Finance Insurance 100 2024
In the list of insurance brands, those from Asia-Pacific topped the list.
The top insurance brand globally is LIC, with its brand value slightly going up to USD 9.8 billion.
It maintains its AAA brand strength rating, and its Brand Strength Index (BSI) score has also gone up to 88.3 out of 100.
Following LIC is Cathay Life Insurance. It is based in Taiwan and its brand value increased by 9% to USD 4.9 billion.
The third strongest turns out to be NRMA Insurance, whose brand value shot up by 82% to USD 1.3 billion. A
All three brands have seen improvements in their BSI scores. They have surpassed UnipolSai and Canada Life, which were the top two brands in terms of strength in 2023.
LICs Steady Brand Value and Strength
LIC maintains a robust brand value of USD 9.8 billion. It boasts a brand strength index score of 88.3 and an associated AAA brand strength rating. This makes LIC as the best insurance company in the world.
Financial Milestones of the Best Insurance Brand in the World
LIC India achieved the highest first-year premium collection of Rs 39,090 crore in FY23. SBI Life Insurance and HDFC Life Insurance lead the private sector with new business premium. Their recorded collections of Rs 15,197 crore and Rs 10,970 crore, respectively.
Employee Welfare and Market Performance
The government approves a 17% wage revision for LIC employees, effective from August 2022. Additionally, LIC’s shares reach an all-time high of Rs 1,175. This further solidifies its position as India’s most valuable PSU company.
Not only this, it reclaimed its status as the fifth most valuable Indian listed company, surpassing SBI in market valuation.
Global Dominance of Chinese Brands
Chinese insurance giants such as Ping An, China Life Insurance, and CPIC maintain their dominance in global rankings. This included Ping An leading the pack with a 4% rise in brand value to USD 33.6 billion.
Notable Growth in Brand Value
NRMA Insurance from Australia stands out with an 82% increase in brand value to USD 1.3 billion. Closely following is Denmark’s Tryg, which witnessed a 66% rise to USD 1.6 billion.
Conclusion
The recognition of LIC as the strongest insurance brand globally underscores its enduring trustworthiness in the insurance sector. Beyond its immediate implications, LIC’s success signifies the potential for Indian companies. It invites further exploration into LIC’s strategies for customer engagement and product innovation.
Source-brandirectory.com, moneycontrol.com
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