The latest Brand Finance Insurance 100 2024 report has acknowledged the exceptional performance of Life Insurance Corporation of India (LIC), recognizing it as the foremost insurance brand. LIC maintains a steady brand value of US$ 9.8 billion, coupled with an impressive brand strength index score of 88.3 and an esteemed AAA brand strength rating. Following LIC, Cathay Life Insurance emerges as the second strongest brand, witnessing a 9% growth in brand value to US$ 4.9 billion, while NRMA Insurance experienced an impressive 82% surge in brand value to US$ 1.3 billion.
In the fiscal year 2023, LIC achieved remarkable success in premium collection, securing the highest first-year premium collection of US$ 4.69 billion (Rs. 39,090 crore). In the private sector, SBI Life Insurance and HDFC Life Insurance demonstrated leadership, with new business premium collections amounting to US$ 1.82 billion (Rs. 15,197 crore) and US$ 1.32 billion (Rs. 10,970 crore), respectively.
Additionally, the government approved a substantial 17% wage hike for LIC employees, effective from August 2022, benefiting over 110,000 employees. As a testament to its robust performance, LIC’s shares soared to a record high of US$ 14.1 (Rs. 1,175), reinforcing its position as the most valuable public sector undertaking (PSU) company in India.
