Following a report published by Brand Finance Insurance 100, 2024, the insurance leviathan LIC was bestowed with the title of the ‘world’s strongest insurance brand’ with a valuation of USD 9.8 billion, accompanied by a brand strength index score of 88.3 and an associated AAA brand strength rating.
The report further illustrated how LIC India had achieved the highest ‘first-year premium collection’ worth a staggering Rs. 39,090 crores in the 2023 financial year. Private players like SBI Life Insurance and HDFC Life Insurance followed up with their new business premium collections of Rs. 15,197 crores and Rs. 10,970 crores, respectively.
It is worth mentioning that lately, the price of LIC shares had reached its zenith of Rs. 1175, making it the country’s most valuable PSU company and fetched it the title of being the fifth most valuable Indian listed company, surpassing even the SBI in terms of market valuation! The government of India approved a 17 per cent wage revision for LIC employees (effective since August 2022) that benefited over 110,000 employees.
