As per a brand valuation report released by Brand Finance, Life Insurance Corporation has been ranked at 10th in the list of insurance brands globally. LIC is the only Indian insurance company in the top 10 list. LIC has a valuation of USD 8.656 billion (around Rs 64,722 crore). Of the top 10, as many as 5 are Chinese insurance companies, with by Ping An Insurance emerging as the world’s most valuable insurance brand, despite recording a 26 per cent drop in brand value. The US has two companies in the top 10, while France, Germany, and India have one each in the list.
As per Brand Finance, the market value of LIC will become Rs 43.40 lakh crore (USD 59.21 billion) by 2022, and Rs 58.9-lakh crore (USD 78.63 billion) by 2027. It must be noted that LIC was ranked as the 206th most valuable brand in 2021, from 238th slot in 2020.
Important takeaways for all competitive exams:
- LIC Chairperson: M R Kumar;
- LIC Headquarters: Mumbai;
- LIC Founded: 1 September 1956.