MUMABI: LIC is the fourth largest insurer in the world based on reserves, according to a report by S&P Global Market Intelligence.
According to the report, LIC's reserves stood at $503.7 billion. Germany's Allianz SE ($750.2 billion), China Life Insurance Company ($616.9 billion) and Nippon Life Insurance Company ($536.8 billion) are the top three insurance companies in the world.
LIC is the only Indian company on the list, including the top 50 insurers globally. European companies from six countries dominated the list, taking 21 spots. In Europe, the UK is home to the most companies on the list, with seven carriers based there.
LIC has managed to be among the top five despite India's share in global life insurance being only 1.9%. This is because the corporation has a disproportionate market share. Although, in terms of new business, LIC's market share has dropped to 59%.
In terms of premium income, India ranks number seven in world life insurance in 2023 - up from number nine last year.
According to Swiss Re's latest World Insurance report, India's insurance premiums rose to $131 billion in March 2023 from $123 billion a year earlier. Asia accounts for 17 spots on the list of top global life insurers, making it the region with the second-highest number. Mainland China and Japan share 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.
MetLife, the largest life insurance company based in the US, ranks seventh on the list of the largest global life insurers.
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