India: LIC is world's strongest insurance brand - report

| 28 Mar 2024

Life Insurance Corporation of India (LIC) has emerged as the strongest insurance brand in the world with a steady brand value of US$9.8 billion, a brand strength index score of 88.3, and an associated AAA brand strength rating, according to a report by Brand Finance Insurance 100 2024.

Coming in second place is Cathay Life Insurance with a 9% increase in brand value to $4.9 billion, followed by NRMA Insurance, which saw an 82% rise in brand value to US$1.3 billion, said the report.

Commenting on the achievement, LIC Chairman Siddhartha Mohanty said, “LIC is grateful to all its policyholders and stakeholders who have reposed their faith in LIC for almost seven decades. We are conscious of the needs of our customers and are continuously developing new products to meet their needs of insurance and investments.

“We continue to focus sharply on customer servicing and create value enhancement for all our stakeholders. We are humbled by being ranked first in the list of Strongest Insurance Brands 2024 by Brand Finance Insurance 2024, which is a reflection of their trust placed in us.”

Meanwhile, Chinese insurance brands maintain dominance in the global rankings of most valuable insurance brands, with Ping An leading with a 4% increase in brand value to $33.6 billion followed by China Life Insurance and CPIC retaining their third and fifth positions, respectively.

Allianz from Germany and AXA from France retain their spots in the second and fourth positions to complete the Top 5, the report said.

Among the brands experiencing significant growth in brand value, NRMA Insurance from Australia stands out with an 82% increase to $1.3 billion, along with Denmark's Tryg, which saw a 66% rise to $1.6 billion.