Life Insurance Corporation, which is on the edge of the nation’s largest share deal by March, is the strongest and the biggest brand in the country with a worth of USD 8.656 billion (around Rs 64,722 crore), which furthermore makes it the third most powerful 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 come rise to be of Rs 43.40 lakh crore or USD 59.21 billion by 2022, and Rs 58.9-lakh crore or USD 78.63 billion by 2027.
LIC’s brand value also soared in overall global brand rankings by 32 places to become the world’s 206th most expensive brand in 2021, from 238th slot in 2020. Its worth grew by 6.8 per cent from USD 8.11 billion in 2020, when the price of top 100 insurers decreased by 6 per cent globally.
The firm ranks first in brand strength amongst the competitor set with a score of 84.1 and it indexes at 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 not public yet.
However, in the top 10, the 5 are Chinese insurance companies, with Ping An Insurance coming up as the world’s most valuable insurance brand, even after recording a 26 per cent drop in brand value. The US has two firms in the top 10, while France, Germany, and India have one each in the index.
LIC has surged 151 percent since 2014 scraping at 14 percent annually. LIC percentage across all three pillars continues to be positive between 2020 and 2021 with registering a growth of 11 per cent in brand performance measures. After four years of continuous reduction, the brand strength of LIC increased by nearly 14 percent between 2018 and 2021.
