Non-Banking Assets: LIC Moves Up In Insurer Rankings

The Life Insurance Corporation of India (LIC) recently ranked 12th in AM Best”s rankings of insurers in terms of non-bank assets. LIC, India”s largest insurer, moved up in the rankings with nearly $554 billion in terms of non-banking assets. Notably, in the ranking compiled by rating agency AM Best in the previous year, LIC was ranked at number 13.

AM Best, a global credit rating agency, released the list on Monday, January 1. In terms of net premiums written (NPW), the country”s largest insurer maintained 16th position. As per the rankings, LIC”s net premiums surged by 10.9 percent to $57.7 billion, and the non-banking assets rose by 7.6 percent to $554 million. LIC made this achievement despite the depreciation of the rupee. Meanwhile, as per the ranking released by capital market company S&P Global in December, LIC is the fourth largest insurer in the world. As per this report, the state-run insurer has $503.07 billion in reserves, and it is ranked after Allianz SE, China Life Insurance Company, and Nippon Life Insurance.

As per AM Best”s rankings, Allianz SE remained in its top spot by nonbanking assets, at $1.1 trillion. The other top firms on this list include Ping An, Berkshire Hathaway, China Life, and Axa. In terms of net premiums written, UnitedHealth Group Incorporated, Centene Corporation, Elevance Health, and Kaiser Foundation Group of Health Plans are the top companies. It is worth mentioning that the top 10 insurers by NPW were dominated by health insurers, and notably, four of the top five were US-based health companies.