At $8.65 bn, LIC 10th most valued insurance brand globally

Mumbai: Life Insurance Corporation (LIC), which is bound for the nation's largest share sale by March, is the strongest and the largest brand in the country with a valuation of $8.656 billion (around Rs64,722 crore), which also makes it the third strongest insurance brand globally, according to a brand valuation report.

According to the London-based Brand Finance, which is a brand consultancy, the market value of LIC will become Rs43.40 lakh crore or $59.21 billion by 2022, and Rs 58.9-lakh crore or $78.63 billion by 2027. LIC's brand value also climbed in overall global brand rankings by 32 places to become the world's 206th most valuable brand in 2021, from 238th slot in 2020. According to this valuation, LIC is largest and strongest brand in the country with a valuation of $8.655 billion in 2021, which grew by 6.8 per cent from $8.11 billion in 2020, when the value of top-100 insurers declined by six per cent globally.

The corporation ranks first in brand strength amongst the competitor set with a score of 84.1 and it ranks third in brand strength globally after Poste Italiane of Italy and Mapfre of Spain and is also the 10th most valued insurance brand globally, according to the report prepared in November 2021 but is yet to made public. Interestingly, the state-owned insurance behemoth gained in brand value by 6.8 percent last year, all other top 100 insurers saw their brand value decline by 6 percent from $462.4 billion in 2020 to $433.0 billion in 2021.

Of the top 10 as many as 5 are Chinese insurance companies, with by Ping An Insurance emerging the world's most valuable insurance brand, despite recording a 26 per cent drop in brand value.