Brand Finance Insurance 100 2024: India’s LIC Emerged as World’s Strongest Insurance Brand

Current Context: According to the “Insurance 100 2024” report by Brand Finance, an independent brand valuation and strategy consultancy, India’s Life Insurance Corporation of India (LIC) has indeed emerged as the world’s strongest insurance brand.

• Here are some key details:
• LIC’s brand value has increased by 0.04% to USD 9.8 billion.
• It has a Brand Strength Index (BSI) score of 88.3 and an associated AAA brand strength rating.
• LIC is followed by Taiwan-based Cathay Life Insurance (brand value up 9% to USD4.9 billion) and Australia-based NRMA Insurance (brand value up 82% to USD1.3 billion) as the 2nd and 3rd strongest insurance brands respectively.
• However, in terms of brand value, China’s Ping An continues its reign as the world’s most valuable insurance brand for 6 consecutive years, showcasing a 4% increase in brand value to USD 33.6 billion.
• LIC holds the 18th position in Brand Finance’s 100 Most Valuable Insurance Company ranking 2024.
• Besides LIC, SBI Life Insurance has also made it to the top 10 and holds the 6th position with a BSI of 85.9.
• LIC India achieved the highest first-year premium collection of Rs 39,090 crore in FY23.
• The shares of LIC also reached an all-time high of Rs 1,175, making it India’s most valuable Public Sector Undertaking (PSU) company.

Question:

Q.1 According to the “Insurance 100 2024” report, which company emerged as the world’s strongest insurance brand?
a. Ping An
b. Cathay Life Insurance
c. Life Insurance Corporation of India (LIC)
d. NRMA Insurance