Insurance giant Life Insurance Corporation of India (LIC) has emerged as the strongest insurance brand globally. According to the Brand Finance Insurance 100, 2024 report, the brand value of LIC remains stable at Rs 816 billion. It also has a Brand Strength Index score of 88.3 and an associated AAA brand strength rating. According to a statement by Brand Finance Insurance, Cathay Life Insurance has been shown as the second strongest brand on the list after LIC. The brand value of Cathay Life Insurance has increased by nine per cent to Rs 408 billion.
Next is NRMA Insurance, whose brand value has increased by 82 per cent to Rs 108 billion. As per the statement, China’s insurance brands have maintained their dominance in the global rankings. The Ping An brand led the way with a four per cent increase in value to Rs 2799 billion. After this, China Life Insurance and CPIC are in third and fifth position respectively.
Furthermore, LIC India recorded the highest first-year premium collection of Rs 39,090 crore in the fiscal year 2022-23. In the same period, SBI Life Insurance and HDFC Life Insurance achieved notable milestones with new premium collections of Rs 150 billion and Rs 109.70 billion, respectively, leading the private sector. Notably, the government-sanctioned a 17 per cent pay revision for LIC employees, effective from August 2022, benefiting over 1,10,000 employees. The LIC share price also hit an all-time high of Rs 1,175, making it India’s most valuable public sector undertaking (PSU) and maintaining its position as the fifth most valuable Indian listed company by overtaking SBI in market valuation.
On Tuesday, the Life Insurance Corporation of India (LIC) disclosed that tax authorities have issued a demand notice amounting to approximately Rs 1.78 billion for the short payment of Goods and Services Tax (GST) over two financial years. According to a regulatory filing by LIC, the company has received a communication/demand order for interest and penalty from the Additional Commissioner of Central GST & Central Excise in Jamshedpur. The demand notice pertains to the premature availing of Input Tax Credit under the reverse charge mechanism, as stated by LIC.
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