LIC India recorded the very best first-yr premium assortment of Rs 39,090 crore within the fiscal yr 2022-23.
Next is NRMA Insurance, whose model worth has elevated by 82 per cent to Rs 108 billion.
Insurance large Life Insurance Corporation of India (LIC) has emerged because the strongest insurance coverage model globally. According to the Brand Finance Insurance 100, 2024 report, the model worth of LIC stays steady at Rs 816 billion. It additionally has a Brand Strength Index rating of 88.3 and an related AAA model power score. According to an announcement by Brand Finance Insurance, Cathay Life Insurance has been proven because the second strongest model on the checklist after LIC. The model worth of Cathay Life Insurance has elevated by 9 per cent to Rs 408 billion.
Next is NRMA Insurance, whose model worth has elevated by 82 per cent to Rs 108 billion. As per the assertion, China’s insurance coverage manufacturers have maintained their dominance within the world rankings. The Ping An model led the way in which with a 4 per cent improve in worth to Rs 2799 billion. After this, China Life Insurance and CPIC are in third and fifth place respectively.
Furthermore, LIC India recorded the very best first-yr premium assortment of Rs 39,090 crore within the fiscal yr 2022-23. In the identical interval, SBI Life Insurance and HDFC Life Insurance achieved notable milestones with new premium collections of Rs 150 billion and Rs 109.70 billion, respectively, main the personal sector. Notably, the federal government-sanctioned a 17 per cent pay revision for LIC workers, efficient from August 2022, benefiting over 1,10,000 workers. The LIC share worth additionally hit an all-time excessive of Rs 1,175, making it India’s most useful public sector endeavor (PSU) and sustaining its place because the fifth most useful Indian listed firm by overtaking SBI in market valuation.
On Tuesday, the Life Insurance Corporation of India (LIC) disclosed that tax authorities have issued a requirement discover amounting to roughly Rs 1.78 billion for the quick cost of Goods and Services Tax (GST) over two monetary years. According to a regulatory submitting by LIC, the corporate has acquired a communication/demand order for curiosity and penalty from the Additional Commissioner of Central GST & Central Excise in Jamshedpur. The demand discover pertains to the untimely availing of Input Tax Credit beneath the reverse cost mechanism, as acknowledged by LIC.
