LIC Retains Title as World’s Strongest Insurance Brand

Kolkata, March 26, 2024– According to the latest report from Brand Finance Insurance 100 2024, the renowned public sector entity, Life Insurance Corporation of India (LICI), has reaffirmed its position as the strongest insurance brand globally.

The report, released on Tuesday, highlights LIC’s steadfast brand value of USD 9.8 billion, accompanied by an impressive brand strength index score of 88.3 and an associated AAA brand strength rating.

In a display of dominance, LIC leads the rankings, followed closely by Cathay Life Insurance and NRMA Insurance, with notable increases in brand value.

While Chinese insurance brands maintain their stronghold in the global rankings, LIC India stands out for achieving the highest first-year premium collection in FY 2023. Additionally, LIC’s shares have surged to an all-time high, solidifying its position as India’s most valuable PSU company and reclaiming its status as the fifth most valuable Indian listed company.

The report also highlights significant growth among brands such as NRMA Insurance from Australia and Denmark’s Tryg, underscoring the dynamic nature of the global insurance landscape.

Moreover, recent developments include the government’s approval of a 17 percent wage revision for LIC employees, benefiting over 110,000 employees and further enhancing the company’s stature in the market.

LIC’s continued dominance in the insurance sector underscores its resilience, stability, and unwavering commitment to excellence in service delivery.