Mumbai: Public sector behemoth Life Insurance Corporation of India (LIC) is the world’s fourth largest insurer based on life and accident and health reserves, as per a report released by S&P Global Market Intelligence.
According to the report LIC has $503 billion reserves in 2022-2023. Life & accident and health reserves generally represent a liability to provide for future commitments under outstanding policies.
Germany’s Allianz SE was ranked the largest life insurer with reserves of $750.20 billion followed by China Life Insurance ($616.90 billion), Nippon Life Insurance was ranked third largest with reserves of $536 billion.
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 shared the top spot in Asia with five companies headquartered there.
European companies from six countries dominated the list of top 50 global life insurers ranked by life and accident & health reserves, taking 21 spots. In Europe, the United Kingdom is home to the most companies on the list with seven carriers headquartered there, said S&P Global Market Intelligence.
Founded and majority owned by the government of India, LIC has assets under management of over Rs 47 lakh crore and investments in more than 270 listed companies.
