LIC is a strongest insurance brand as per report

by Psu Connect
Date: 29-03-24

Furthermore, the government has approved a 17% wage increase for LIC employees, effective from August 2022, benefiting over 110,000 employees which has certainly impacted the insurance brand value globally.

Life Insurance Corporation of India (LIC) has been recognized as the leading insurance brand, floating with a substantial brand value of US$ 9.8 billion, a brand strength index score of 88.3, and an esteemed AAA brand strength rating has been touted by 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.

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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.

Notably, LIC's shares reached a record high of US$ 14.1 (Rs. 1,175), making its position as India's most valuable public sector undertaking company.

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