LIC Maintains Its Position As World s Strongest Insurance Brand With A Stable Value Of Rs 816 Billion

Description

According to the current Brand Finance Insurance 100, 2024 study, Life Insurance Corporation of India (LIC) maintains its position as the world's strongest insurance brand, with a consistent brand value of Rs 816 billion. With a Brand Strength Index score of 88.3 and a AAA brand strength rating, LIC demonstrates its unsurpassed industry dominance. Cathay Life Insurance is the second strongest brand, with a significant increase in brand value to Rs 408 billion.

Global Dominance Of Chinese Insurance Brands

China's insurance sector continues to impose its worldwide dominance, with Ping An leading the way with a 4% growth in brand value to Rs 2799 billion. China Life Insurance and CPIC maintain their top ranks, demonstrating the continuous dominance of Chinese insurers on the global stage.

Indian Insurance Milestones

LIC India performs well, attaining the highest first-year premium collection of Rs 39,090 crore in fiscal year 2022-23. SBI Life Insurance and HDFC Life Insurance both reach key milestones in the private sector, demonstrating the strength of India's insurance market.

Government Sanctions Pay Revision For LIC Employees

The Indian government approved a 17% wage increase for LIC employees, effective from August 2022, benefiting approximately 1,10,000 employees. This move demonstrates the government's commitment to assisting the personnel of one of India's most valued public-sector enterprises.

LIC Receives Tax Authority Demand Notice

On March 26, LIC said that tax authorities had filed a demand notice of around Rs 1.78 billion for nonpayment of Goods and Services Tax (GST) over two fiscal years. The demand notice arises from the premature availing of input tax. 

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