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

Published on December 09, 2023
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.
S&P’s Ranking 2023: LIC Becomes World’s 4th Largest Insurer based on Reserve; Germany’s Allianz SE Tops
  • 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)

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