A recent report by S&P Global Market Intelligence reveals that India’s Life Insurance Corporation (LIC) is the fourth largest insurer in the world based on reserves, holding a staggering $503.7 billion.
This impressive ranking places LIC above prominent names like MetLife, solidifying its position as a global leader in the life insurance sector.
Top 3 Global Insurers:
- Allianz SE (Germany) – $750.2 billion
- China Life Insurance Company – $616.9 billion
- Nippon Life Insurance Company – $536.8 billion
LIC’s Strong Presence:
LIC holds the distinction of being the only Indian company on the list of the top 50 global life insurers. This is particularly noteworthy considering India’s relatively small share (1.9%) of the global life insurance market.
LIC’s remarkable performance can be attributed to its dominant market share within India, though its share in new business has seen a slight decline to 59%.
Global Insurance Landscape:
While LIC shines brightly, the list reflects a diverse global insurance landscape. European companies dominate with 21 spots, with the UK taking the lead with seven insurers represented. Asia follows closely with 17 spots, with mainland China and Japan sharing the top spot with five companies each.
North America holds 12 positions, with the US claiming the highest individual country ranking with eight companies on the list.
India’s Growing Insurance Market:
Despite its small global share, India’s life insurance market is experiencing significant growth. Its premium income reached $131 billion in March 2023, jumping from $123 billion the previous year. This rise has propelled India to the seventh position in world life insurance, up from ninth place in 2022.
LIC’s impressive ranking on the global stage showcases its strength and stability. As India’s insurance market continues to expand, LIC remains poised for continued success, solidifying its position as a major player in the global insurance landscape.
