India’s Insurance Giant LIC emerges third strongest and tenth most valuable brand globally

Life Insurance Corporation has recently emerged as the tenth most valuable insurance brand across the globe. According to a report by Brand Finance, a consultancy firm based in London, world’s top hundred most valuable insurance brands total value plummeted six percent in 2021 to $433.0 billion from $462.4 billion in 2020.

Declan Ahern, the director of Brand finance, said that the insurance companies took a blow from the pandemic spin-off as predicted. The decelerated buildout in the insurance sector at large can be accounted to the near halt of global economy and protracted low interest rates. However, the sector fared as compared to the initial predictions by the company for the first outbreak of pandemic last year, denoting the strength of top insurance brands of the world.

Bucking against the trend, LIC’s brand value surged to $8.65 billion with a 6.8% jump. Chinese Insurance brands, two US companies and each of France, Germany and India’s brands have dominated the chart-buster spots for top ten.

Leading the most valuable insurance companies list is PingAn Insurance of China with a brand value of more than $44 billion, subsequently with worth over $22 billion is China Life Insurance, Germany’s Allianz at $20 billion, AXA of France with over $17 billion, China Pacific Insurance Company with over $15 billion, yet again AIA of China at $14 billion, Progressive Corporation of US at $8.9 billion, People’s Insurance Company of China with $8.8 billion and Life Insurance Corporation of India at $8.65 billion.

The report also enlists the strongest insurance brands. At the top of the list is Poste Italiane of Italy, followed by Mapfre of Spain, LIC of India, PingAn Insurance of China, Samsung Life Insurance of South Korea, Unipol Sai of Italy, Aflac of US Hiscox of UK (Bermuda), Old Mutual of South Africa and Progressive Corporation of the US concludes the List.

FY21 turned out be enriching for LIC with a leap of 44% profit against fiscal 2020 with Rs 25,625 profit from share sales.