News Karnataka
Monday, March 04 2024
Business

Global Recognition: LIC Secures 4th Spot in Life Insurance

LIC
Photo Credit : IANS

New Delhi : India’s state-owned Life Insurance Corporation (LIC) has emerged as the fourth largest life insurer in the world, according to a new ranking, on the basis of life and accident & health reserves, by S&P Global Market Intelligence.

Companies on the list have been ranked by life and accident & health reserves in 2022 which indicates their financial strength.

Life and accident & health reserves generally represent a liability to provide for future commitments under outstanding policies.

The importance of LIC’s ranking is reflected in the fact that MetLife Inc., the largest life insurance company based in the US, ranks seventh on the list of the largest global life insurers. Prudential Financial Inc., the second-largest life insurance company headquartered in the US is placed eighth in the ranking.

The S&P global rating identifies the top three life insurance companies globally as Allianz SE, China Life Insurance Co. Ltd., and Nippon Life Insurance Co.

With 21 positions on the list of the top 50 global life insurers by life and accident & health reserves, European companies from six different countries dominated the list. With seven carriers having their headquarters there, the UK has the most number of companies on the list based in Europe.

Asia has the second-highest number of life insurers worldwide, holding 17 slots on the list of the best.

Mainland China and Japan shared the top spot in Asia with five companies headquartered there.

North America took 12 spots on the list with eight companies based in the US, two in Canada and two in Bermuda.

On an individual country basis, the US has the highest number of life insurers on the top 50 list, with eight.

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