LIC: World’s Strongest Insurance Brand

In the latest Brand Finance Insurance 100, 2024 report, Life Insurance Corporation of India (LIC) solidifies its position as the strongest insurance brand worldwide, maintaining a stable brand value of Rs 816 billion. With a Brand Strength Index score of 88.3 and an AAA brand strength rating, LIC showcases its unparalleled prominence in the industry. Cathay Life Insurance follows closely as the second strongest brand, with a notable increase in brand value to Rs 408 billion.

Global Dominance of Chinese Insurance Brands

China’s insurance sector continues to assert its dominance on the global stage, with Ping An leading the pack with a four percent increase in brand value to Rs 2799 billion. China Life Insurance and CPIC secure their positions in the top rankings, highlighting the continued influence of Chinese insurers on the international landscape.

Indian Insurance Milestones

LIC India demonstrates remarkable performance, recording the highest first-year premium collection of Rs 39,090 crore in the fiscal year 2022-23. SBI Life Insurance and HDFC Life Insurance also achieve significant milestones in the private sector, underscoring the robustness of India’s insurance industry.

Government Sanctions Pay Revision for LIC Employees

The Indian government approves a 17 percent pay revision for LIC employees, effective from August 2022, benefiting over 1,10,000 employees. This decision reflects the government’s commitment to supporting the workforce of one of India’s most valuable public sector undertakings.

LIC Faces Tax Authority Demand Notice

On Tuesday, LIC reveals that tax authorities have issued a demand notice totaling approximately Rs 1.78 billion for the short payment of Goods and Services Tax (GST) over two financial years. The demand notice stems from the premature availing of Input Tax Credit under the reverse charge mechanism, as stated by LIC in a regulatory filing.