LIC world’s strongest insurance brand: Brand Finance

India’s Life Insurance Corporation (LIC) has emerged as the strongest insurance brand, according to a report by brand valuation and strategy consultancy Brand Finance.

With a brand value of $9.8 billion, a brand strength index score of 88.3, and an associated AAA brand strength rating, LIC beat Taiwanese insurer Cathay Life Insurance and Australia’s NRMA Insurance to the top spot.

NRMA Insurance (brand value up 82% to $1.3 billion) and Denmark’s Tryg (brand value up 66% to $1.6 billion) are the fastest-growing brands.

Another Indian insurance brand that has entered the strongest insurance brand rankings is SBI Life Insurance, which took the sixth place with a strength index score of 85.9.

In its latest brand valuation report, Brand Finance mentioned that Chinese brands continue to dominate the ranking of the world’s most valuable insurance brands.

China’s Ping An is world’s most valued insurance brand

Chinese insurance company Ping An reported a 4% increase in its 2023 brand value to settle at $33.6 billion and retained its position as the world’s most valued insurance brand.

Other Chinese companies in the top five are China Life Insurance, with a 2% increase in its brand value to $17.5 billion, and CPIC, reporting 1% rise in its brand value to $15.3 billion, retaining their 3rd and 5th places, respectively.

Germany’s Allianz reported a 17% rise in its brand value to $24.6 billion, and France’s AXA reported a 4% rise in its brand value to $16.6 billion, retaining their spots in 2nd and 4th place, respectively.

In its report, the consultancy made valuation for the 74 such brands that have seen their brand values grow from 2023’s rankings.

Alex Haigh, managing director of Brand Finance Asia Pacific, said, “The continued growth of Chinese insurance brands in the global market underscores their strategic agility and relentless pursuit of innovation while their European counterparts such as Allianz and AXA demonstrate remarkable adaptability through customer-centric strategies and digital transformations.”

“Our research shows these players are well poised for growth in an increasingly competitive landscape,” Haigh said.

Brand Finance also compiles a Sustainability Perceptions Index, which determines the role of sustainability in driving brand consideration across sectors. This index calculates the proportion of brand value attributable to sustainability perceptions, also known as Sustainability Perceptions Value (SPV).

The latest iteration of the study finds that Allianz has the highest Sustainability Perceptions Value of $3.7 billion in the insurance sector and the highest positive gap value of $299 million.