LIC is the fourth largest insurer in the world, according to a ranking based on life and accident & health reserves of companies in 2022 by S&P Global Market Intelligence.
LIC is ranked after Allianz SE, China Life Insurance Company and Nippon Life Insurance Company. According to the report, LIC’s reserves stood at $503.7 billion. Germany’s Allianz SE ($750.20 billion), China Life Insurance Company ($616.90 billion) and Nippon Life Insurance Company ($536.80 billion) are the top three insurance companies in the world.
The reserves of LIC and Nippon Life Insurance Company reflect the reserves of the financial year 2023 (April 2022 to March 2023).
The S&P list of the top 50 global life insurance companies was dominated by European firms, taking 21 spots. On an individual country basis, the US has the highest number of life insurers on the list, with eight companies headquartered in the region, followed by the UK with seven companies.
Out of the top 50 companies, Asian firms followed their European counterparts with 17 of them featuring on the list. China and Japan share the top spots in Asia with five companies headquartered in the two countries. The top 50 companies were ranked on their life and accident & health reserves, one of the key financial strengths of a life insurer.
