Insurance major Life Insurance Corporation of India (LIC) has been ranked 4th among the most valuable brands in India with a brand value of $9.8 billion, according to the Brand Finance India 100 2024 report.
The report stated the LIC, with a brand strength index score of 88 and an AAA brand strength rating, has demonstrated strong performance across various brand rankings. It stands third in the Top 10 Strongest Indian Brands. Additionally, LIC holds the fifth position in the Top 10 Indian Brands. Notably, LIC retains its top position in the insurance sector, securing the No. 1 rank in insurance brands ranking.
Earlier, LIC was termed as the strongest insurance brand with a steady brand value of $9.8 billion in the world, a report by Brand Finance Insurance 100 2024 noted. Cathay Life Insurance was marked as the second strongest brand, with a 9 per cent increase in brand value to $4.9 billion, followed by NRMA Insurance, which saw an 82 per cent rise in brand value to $1.3 billion.
Currently, Government holding in LIC is 96.50%, while public holding is 3.50%. Last month, Capital Market regulator, SEBI granted Life Insurance Corporation (LIC) an additional 3 years till May 16, 2027, to comply with the 10% public shareholding norm.
Public sector behemoth LIC listed on the bourses on May 17, 2022. The government sold over 22.13 crore shares or a 3.5 percent stake in LIC through an Initial Public Offering (IPO) for an issue size of Rs 20,557 crore for a price band of Rs 902-949 a share.
Life Insurance Corporation of India share price was Rs 989.05 at the market close on June 28, 2024.
