India’s biggest insurance firm LIC breaks into top 100 in Fortune 500 list


Mukesh Ambani-led Reliance Industries maintained its highest ranking among Indian private sector companies in the latest Global 500 list published by Fortune for 2022. It zoomed 51 places to 104 from its previous year’s rank of 155.

India has nine companies in the Fortune’s Global 500 list — five from the public sector, and four from the private sector.

Only the debutant Life Insurance Corporation of India — a public sector company, which came out with an IPO earlier this year — was ranked higher than Reliance at 98 among Indian corporates.

It is the 19th year that RIL has been a part of the Fortune 500 list – longer than the other private sector companies in India.

The Fortune Global 500 list ranks companies by total revenues for their respective fiscal years ended on or before March 31.

The nation’s biggest life insurer recorded a revenue $97.26 billion and a profit of $553.8 million for the qualifying year. The Life insurance Corporation of India was established in September 1956, when India’s Parliament passed the Life Insurance of India Act that nationalized the insurance industry in the country. Over 245 insurance companies and provident societies were merged to create the state-owned Life Insurance Corporation of India. As of 2019, LIC reported 290 million policy holders, and it also reported to have settled 26 million claims in 2018–19.

Indian Oil Corporation (IOC), meanwhile, rose 28 places to reach the 142nd rank, while Oil and Natural Gas Corporation (ONGC) climbed 16 places to 190. Both are government entities.

The list had two Tata group firms — Tata Motors at 370 and Tata Steel at 435th spot. Rajesh Exports at 437th rank was the other private Indian company on the list.

State Bank of India (SBI) climbed 17 places to rank 236th and Bharat Petroleum Corporation Ltd 19 places to 295.