Current Affairs PDF

Brand Finance Insurance 100 2024: India’s LIC Emerged as World’s Strongest Insurance Brand 

AffairsCloud YouTube Channel - Click Here

AffairsCloud APP Click Here


LIC world's strongest insurance brand Brand Finance Insurance ReportAccording to the “Insurance 100 2024” report by Brand Finance, independent brand valuation and strategy consultancy, India’s Life Insurance Corporation of India (LIC) has emerged as the world’s strongest insurance brand, with brand value up 0.04% to USD 9.8 billion. It has an Brand Strength Index (BSI) score of 88.3 and an associated AAA brand strength rating.

  • LIC is followed by Taiwan based Cathay Life Insurance(brand value up 9% to USD4.9 billion) and Australia based NRMA Insurance (brand value up 82% to USD1.3 billion) as 2nd and 3rd strongest insurance brands respectively.
  • According to the report, China’s Ping An continues its reign as the world’s most valuable insurance brand for 6 consecutive years, showcasing a 4% increase in brand value to USD 33.6 billion.

Note: Insurance 100 is an annual report of Brand Finance on the most valuable and strongest Insurance brands

Most Valuable Insurance Company (Global):

i.Following China’s Ping An, Germany’s Allianz (brand value up 17% to USD24.6 billion), China Life Insurance (brand value up 2% to USD17.5 billion) have retained their spot as the 2nd and 3rd valuable insuance company in the world.

ii.France’s AXA (brand value up 4% to USD16.6 billion) has retained its spot as the 4th most valuable insurance brands in 2024.

Note: LIC holds the 18th position in Brand Finance’s 100 Most Valuable Insurance Company ranking 2024.

Top 5 Strongest Insurance Brands 2024:

PositionBrandBrand Value (USD in millions)Country
1Life Insurance Corporation of India (LIC)88.3India
2Cathay Life Insurance87.7China
3NRMA Insurance87.0Australia
4PZU Group86.2Poland and Central and Eastern Europe
5China Life85.9China

Other Indian Insurance Firms:

i.Besides LIC, SBI Life Insurance has also made it to the top 10 and holds the 6th position with a BSI of 85.9.

ii.In the private sector, SBI Life Insurance and HDFC Life Insurance led with new business premium collections of Rs 15,197 crore and Rs 10,970 crore respectively in FY23.

Achievements of LIC:

i.LIC India achieved the highest first-year premium collection of Rs 39,090 crore in FY23.

ii.The shares of LIC also reached an all-time high of Rs 1,175, making it India’s most valuable Public Sector Undertaking (PSU) company.

iii.With this, LIC reclaimed its status as the 5th most valuable Indian listed company, surpassing SBI in market capitalization.

Top 5 Most Valuable Insurance Brands 2024:

PositionBrandBrand Value (USD in billions)Country
1Ping An33.6China
3China Life17.5China
5China Pacific Insurance (Group) Co. Ltd (CPIC)15.3China

Key Highlights:

i.Chinese brands continue to dominate the ranking of the world’s most valuable insurance brands in the global market.

ii.Besides Ping An and China Life Insurance China Pacific Insurance (Group) Co. Ltd (CPIC) positioned 5th in the most valuable insurance brand, with brand value up 1% to USD 15.3 billion.

Note: CPIC is an insurance group company founded by China Pacific Insurance Company.

APAC Brands Dominate Strength Ratings:

i.Asia-Pacific (APAC) brands (LIC, Cathay Life Insurance, and NRMA Insurance) emerged as the strongest among all insurance brands in the rankings.

ii.These APAC brands outperformed Italy’s UnipolSai and Canada’s Canada Life in terms of brand strength, with improvements in their BSI scores.

iii.UnipolSai and Canada Life placed 1st and 2nd respectively, in terms of brand strength, in 2023.

Increase in Brand Value:

i.74 brands have seen their brand values grow from the 2023 ranking.

ii.Apart from NRMA Insurance, Denmark’s Tryg experienced a remarkable 66% surge in brand value, reaching USD 1.6 billion.

iii.Premium forecasts driven by climate change and inflation contribute to their significant brand value increases.

Understanding Sustainability Perceptions Value (SPV):

i.Brand Finance also compiles the Sustainability Perceptions Index that evaluates the impact of sustainability on brand consideration across sectors.

ii.This Index displays the proportion of brand value attributable to sustainability perceptions, also known as Sustainability Perceptions Value (SPV).

iii.SPV reflects the financial value associated with a brand’s reputation for sustainability.

iv.Allianz secures the highest SPV of USD 3.7 billion, showcasing its commitment to environmental, social, and governance (ESG) practices.

  • Its positive gap value of USD 299 million indicates a potential for added value based on the variance between perception and actual performance.
  • Ping An (SPV: USD 3.5 billion) and China Life (USD 1.5 billion) secured the 2nd and 3rd positions respectively.

Recent related News:

As per the 18th Global 500 2024 annual report by Brand Finance, Indian billionaire Mukesh Ambani-led Reliance Jio continues to be India’s top and strongest brand, ranked 17th among the world’s strongest brands in 2024, with a BSI of 88.9 out of 100.

About Brand Finance:
Chairman & CEO– David Haigh
Headquarters– London, UK
Established in– 1996