LIC world's third strongest insurance brand: Brand Finance
LIC is the largest brand in the country with a valuation of Rs 64,722 crore
Market value of LIC will reach Rs 43.40 lakh crore by 2022
It is the only Indian insurer to rank in the top 10 list of strongest brands
Life Insurance Corporation (LIC) is the strongest and the largest brand in the country with a valuation of Rs 64,722 crore (USD 8.656 billion). The thirst strongest insurance brand globally by valuation is set for India’s largest share sale by March 2022.
According to a brand valuation report by London-based Brand Finance, the market value of LIC will become 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.
In overall global brand rankings, LIC’s brand value climbed 32 positions to become the world’s 206th most valuable brand in 2021, from 238th position in 2020, as reported by PTI.
According to this report, LIC is the strongest and largest brand in India with a valuation of USD 8.655 billion in 2021, a 6.8% increase from USD 8.11 billion in 2020. Globally, during this period the top 100 insurers saw their brand value decline by 6% from USD 462.4 billion to USD 433.0 billion.
The life insurance giant holds the first rank in brand strength amongst its competitors with a score of 84.1%. In brand strength globally, it ranks third after Poste Italiane of Italy and Mapfre of Spain.
LIC is the only Indian insurer to rank in the top 10 list of strongest brands and top 10 most valuable insurance brands. Out of 10 as many as 5 are Chinese insurers, with Ping An Insurance emerging as the world’s most valuable insurance brand, despite a 26% fall in its brand value.
There are two US-based insurance companies in the top 10, while France, Germany and India have one each in the list.
At this valuation, LIC could have achieved a market cap of USD 51.2 billion in 2021, slightly below the USD 53.71 billion cap in 2020 in dollar terms. In rupee terms, it could be Rs 37.5 lakh crore in 2021, a decline of 1.2% from Rs 38.2 lakh crore in 2020.
According to the agency's projections, LIC’s value could reach Rs 43.40 lakh by the end of 2022 and Rs 58.9 lakh crore in 2027.