S&P’s Ranking 2023: LIC Becomes World’s 4th Largest Insurer based on Reserve

Current Context: According to the S&P Global Market Intelligence report, the Life Insurance Corporation of India (LIC) has become the world’s fourth-largest insurer based on life and accident and health reserves.

• LIC has reserves of $503 billion for the fiscal year 2022-2023.
• The top three insurers are:
• Allianz SE from Germany, with reserves of $750.20 billion
• China Life Insurance, with reserves of $616.90 billion
• Nippon Life Insurance, with reserves of $536 billion
• It’s noteworthy that LIC is the only Indian company in the top 502.
• Despite India’s small share in global life insurance, LIC has a disproportionate market share.
• This is a significant achievement for LIC and reflects the strength of India’s insurance sector.

Question:

Q.1 Which company became the world’s fourth-largest insurer based on life, accident, and health reserves in 2023?
a. Allianz SE
b. China Life Insurance
c. Nippon Life Insurance
d. Life Insurance Corporation of India (LIC)