LIC Tops Global Insurance Brands in 2024: Key Highlights and Milestones
| Aspect | Details |
|---|---|
| LIC's Global Position | LIC ranked as the strongest insurance brand worldwide with a brand value of Rs 816 billion. |
| Brand Strength | Brand Strength Index score of 88.3 and AAA rating. |
| Cathay Life Insurance | Second strongest brand with a brand value of Rs 408 billion. |
| Chinese Insurance Brands | Ping An leads with a 4% increase in brand value to Rs 2799 billion. China Life and CPIC also rank high. |
| LIC's Premium Collection | Highest first-year premium collection of Rs 39,090 crore in FY 2022-23. |
| Private Sector Milestones | SBI Life and HDFC Life Insurance achieve significant milestones. |
| LIC Pay Revision | Government approves 17% pay revision for LIC employees, effective from August 2022, benefiting 1,10,000 employees. |
| LIC Tax Demand Notice | Tax authorities issue a notice of Rs 1.78 billion for short payment of GST over two financial years. |