The “Insurance 100 2024” report by Brand Finance, a renowned independent brand valuation and strategy consultancy, has identified India’s Life Insurance Corporation of India (LIC) as the world’s strongest insurance brand. This report evaluates the most valuable and strongest insurance brands globally.
Key Highlights from the Report:
- LIC’s Global Standing: LIC emerged at the top with a Brand Strength Index (BSI) score of 88.3 and an AAA brand strength rating, marking a slight increase in brand value to USD 9.8 billion.
- Top Competitors: Following LIC, Taiwan’s Cathay Life Insurance and Australia’s NRMA Insurance were ranked as the second and third strongest brands, with values of USD 4.9 billion and USD 1.3 billion respectively.
- Most Valuable Brands: China’s Ping An maintained its position as the world’s most valuable insurance brand, with a 4% increase in brand value to USD 33.6 billion, followed by Germany’s Allianz and China Life Insurance.
Additional Insights:
- Market Performance:
- LIC holds the 18th position in the global ranking of most valuable insurance companies.
- Other Indian firms like SBI Life Insurance also featured prominently, with SBI ranking 6th in brand strength.
- Performance Metrics:
- LIC recorded the highest first-year premium collection of Rs 39,090 crore in FY23.
- LIC shares reached an all-time high, boosting its market capitalization and ranking it as the 5th most valuable listed company in India.
- Regional Dominance:
- Asia-Pacific brands dominated the strength ratings, with LIC, Cathay Life, and NRMA Insurance leading the pack.
- Notable increases in brand value were seen across several brands, driven by factors such as climate change and inflation.
Sustainability and Brand Perception:
- Sustainability Perceptions Index:
- Brand Finance also measures the impact of sustainability on brand value.
- Allianz recorded the highest Sustainability Perceptions Value (SPV) of USD 3.7 billion, reflecting strong environmental, social, and governance (ESG) practices.
This comprehensive analysis from Brand Finance highlights the pivotal role of brand strength and sustainability in shaping the competitive landscape of the global insurance market. The report underscores the significant advances made by insurance brands, particularly in the Asia-Pacific region, and reflects the evolving dynamics of the insurance industry.
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