The value of the world’s top insurance brand decreased : LIC is the third strongest insurance brand in the world for the first time, included in the Top 10 Valuable Insurance Brand !
While Corona has reduced the brand value of insurance companies around the world, the country’s largest insurance company Life Insurance Corporation of India (LIC) has emerged as a strong brand. For the first time, it has become the third strongest insurance brand in the world. While it has been included in the top 10 most valuable insurance brands.
LIC’s brand value is $ 865 million
According to London’s Brand Finance Insurance’s 2021 ranking, the brand value of LIC is $ 865 million, or Rs 64,875 crore. It has been strengthened from number 13 to number 10. In terms of brand, China’s Ping An is the first number, which is valued at $ 4,479 million. According to the report, on Wednesday, the value of the world’s top 100 most valuable insurance brands dropped by 6%. It was $ 462.4 billion in 2020, which has now increased to $ 433 billion.
China has five companies in the top 10 most valuable insurance brands. There are 2 companies in Europe and 2 companies in America. While there is a company from India.
It was estimated that the brand value would decrease
Brand Finance director DeKallen Ahren said it was as expected and the value of the insurance brand has dropped this year due to Corona. However, it has been better than anticipated. Insurance brands are now going towards a strong recovery as the world is recovering from Corona.
More than 32 crores policies
LIC has more than 32 crore policies and more than 1.3 million agents in the country. It has a network from Kashmir to Kanyakumari. The company is currently planning an IPO. Its IPO will be the largest IPO in the country so far and the company can raise about 80 thousand crore rupees from it. Under this, it is preparing to sell 10% stake. Currently, the government has full ownership of it.
1.84 Lakh Crore Premium
In the last 1 year, it has acquired a new premium of Rs 1.84 lakh crore while in the same time it has given Rs 1.34 lakh crore as claims to the policy holders. Similarly, it has sold 2.10 crore policies in the same period. Out of this, 46.72 lakh policies have been sold alone in the month of March. That is, it has increased by 2.99 times as compared to a year ago.
In terms of policies, its market share stood at 81.04% in March 2021. Whereas in March last year it was 74.58%. Its market share in First Year Premium stood at 64.74% in March this year as against 66.18% for the entire year.
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