With a brand strength index score of 88.3, another Indian life insurer, SBI Life, in the sixth position, for the first time has found its place among the top 10 global insurance brands
Mumbai
Public sector behemoth Life Insurance Corporation has emerged as the top insurance brand, as per a report released by Brand Finance Insurance 100 2024.
The report notes that LIC’s brand value remains steady at USD 9.8 billion, accompanied by a brand strength index score of 88.3 and an associated AAA brand strength rating.
With a brand strength index score of 88.3, another Indian life insurer, SBI Life, in the sixth position, ,for the first time has found its place among the top 10 global insurance brands.
Commenting on the achievement, LIC Chairman Siddhartha Mohanty said, “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.
LIC is humbled by being ranked 1st in the list of Strongest Insurance Brands 2024 by Brand Finance Insurance 100 2024 report which is a reflection of their trust placed in the company, he added.
Following LIC, the rankings highlight Cathay Life Insurance as the second strongest brand, experiencing a 9% increase in brand value to USD4.9 billion, closely followed by NRMA Insurance, which saw an 82% rise in brand value to USD1.3 billion.
Notably, Chinese insurance brands maintain dominance in the global rankings, with Ping An leading with a 4% increase in brand value to USD33.6 billion, followed by China Life Insurance and CPIC defending their 3rd and 5th positions, respectively. Allianz from Germany and AXA from France retain their spots in the 2nd and 4th positions to complete the Top 5.
Among the brands experiencing significant growth in brand value, NRMA Insurance from Australia stands out with an 82% increase to USD1.3 billion, along with Denmark’s Tryg, which saw a 66% rise to USD1.6 billion.
Additionally, LIC India achieved the highest first-year premium collection of Rs. 39,090 crore in FY 2023, while SBI Life Insurance and HDFC Life Insurance led the private sector with new business premium collections of Rs. 15,197 crore and Rs. 10,970 crore, respectively.