LIC emerges as the world’s strongest insurance brand

LICLife Insurance Corporation of India (LIC), India’s most trusted name in the insurance sector, is now making waves all over the world. LIC has now emerged as the strongest insurance brand globally. According to the Brand Finance Insurance 100, 2024 report, the brand value of LIC remains stable at US$ 9.8 billion. Additionally, there is a Brand Strength Index score of 88.3 and an associated AAA brand strength rating. According to a statement by Brand Finance Insurance, Cathay Life Insurance has been shown as the second strongest brand in the list after LIC. The brand value of Cathay Life Insurance has increased by nine percent to $4.9 billion. Next is NRMA Insurance, whose brand value has increased by 82 percent to $1.3 billion.

China continues to dominate

According to the statement, China’s insurance brands have maintained their dominance in the global rankings. The Ping An brand led the way with a four percent increase in value to $33.6 billion. After this, China Life Insurance and CPIC are at third and fifth position respectively. Additionally, LIC India achieved the highest first year premium collection of Rs 39,090 crore in FY 2022-23, while SBI Life Insurance and HDFC Life Insurance led the private sector by achieving new premium collections of Rs 15,197 crore and Rs 10,970 crore respectively in FY 2022-23. Led.

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The company increased the salaries of its employees by 17%.

The government had approved a 17 percent pay revision for LIC employees with effect from August 2022, benefiting more than 1,10,000 employees. Shares of LIC also hit an all-time high of Rs 1,175, making it India’s most valuable public sector undertaking (PSU) and regaining its position as the fifth most valuable Indian listed company by overtaking SBI in market valuation. Took.

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