India's state-owned Life Insurance Corporation (LIC) has secured the fourth position among the world's largest life insurers, based on life and accident & health reserves, according to a ranking by S&P Global Market Intelligence. The ranking, which assesses companies' financial strength, places LIC ahead of major international players, with MetLife Inc. and Prudential Financial Inc., the largest and second-largest US-based life insurers, ranked seventh and eighth, respectively.
The top three spots on the list are occupied by Allianz SE, China Life Insurance Co. Ltd., and Nippon Life Insurance Co. This ranking highlights LIC's substantial presence in the global life insurance landscape and its financial strength, as measured by life and accident & health reserves.
European companies dominate the list, with 21 carriers from six countries securing spots in the top 50 global life insurers. The UK has the highest representation in Europe, with seven companies. Asia follows closely behind, accounting for 17 spots on the list. Mainland China and Japan share the top spot in Asia, with five companies each.
North America is represented by 12 companies on the list, with the US having the highest number of life insurers in the top 50. LIC's positioning among the top global life insurers underscores its significance in the insurance industry on a global scale.
(With Agency Inputs)