The state-owned insurance behemoth ‘Life Insurance Corporation (LIC)’ has emerged as the third strongest and the tenth most valuable insurance brand globally, in Brand Finance Insurance 100 report for 2021. The annual report is released by London-based brand valuation consultancy firm Brand Finance, to identify the most valuable and strongest insurance brands globally.
According to the report:
- Most Valuable Indian Insurance Brand – LIC (10th)
- Most Strongest Indian Insurance Brand – LIC (3rd)
- Most Valuable Global Insurance Brand – Ping An Insurance, China
- Most Strongest Global Insurance Brand – Poste Italiane, Italy
Summary of the report:
- The brand value of LIC increased by almost 7 per cent to $8.65 billion in 2021.
- Chinese firm ‘Ping An Insurance’ emerged as the world’s most valuable insurance brand, despite recording a 26 per cent drop in brand value in 2021 over the previous year.
- In the strongest insurance brands category, Italy’s Poste Italiane was at the top position, followed by Mapfre of the US and LIC of India.
- However, the total brand value of the world’s top 100 most valuable insurance brands declined by 6 per cent from $462.4 billion in 2020 to $433.0 billion in 2021.