The state-run insurer, which got listed in May 2022, has $503.07 billion in reserves, while Allianz has $750.20 billion, CLI has $616.90 billion, and Nippon has $536.80. Allianz SE, CLI, and Nippon Life Insurance Co are the three largest life insurance companies in the world, according to the ranking.
S&P Global recently came out with a list of the world's 50 largest life insurers. In the list, Asia accounts for 17 spots on the list of top global life insurers, making it the region with the second-highest number.
China and Japan share the top spot in Asia with five companies headquartered there. Mumbai-headquartered LIC ranked at the fourth position in the ranking published on November 29.
The Indian insurance behemoth reported Rs 7,925 crore profit in the second quarter of FY 2023-34. While LIC continues to dominate the insurance market, its premium income fell quite significantly in the second quarter, affecting its profit. The company posted a net profit of Rs 15,952 crore in the year-ago period.
The insurer's net premium income dropped 19 per cent to Rs 1.07 lakh crore in Q2FY24 as against Rs 1.32 lakh crore in Q2FY23. However, the first-year premium for the reporting quarter increased to Rs 9,988 crore, as against Rs 9,125 crore in the year-ago period.
LIC said its latest quarterly numbers were not comparable with the year-ago quarter as it had changed its accounting policy in September last year regarding the transfer of the amount (net of tax) of the accretion on the available solvency margin from non-participating policyholder’s account to shareholder’s account.
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