Chinese and European brands dominate top 5 most valuable insurance brands: Brand Finance report

By Newsdesk

March 20 2024
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The latest Brand Finance Insurance 100 2024 report reveals that Chinese and European brands continue to dominate the ranking of the world's most valuable insurance brands.

China's Ping An (brand value up 4% to USD33.6 billion), China Life Insurance (brand value up 2% to USD17.5 billion), and CPIC (brand value up 1% to USD15.3 billion) defended their respective 1st, 3rd, and 5th places. Germany's Allianz (brand value up 17% to USD24.6 billion) and France's AXA (brand value up 4% to USD16.6 billion) retained their spots in 2nd and 4th place, respectively.

India's LIC (brand value steady at USD9.8 billion) has become the strongest insurance brand, with a brand strength index score of 88.3 and an associated AAA brand strength rating. Cathay Life Insurance (brand value up 9% to USD4.9 billion) and NRMA Insurance (brand value up 82% to USD1.3 billion) followed closely behind as the second and third strongest brands.

Among the 74 brands that saw their brand values grow from 2023's rankings, Australia's NRMA Insurance (brand value up 82% to USD1.3 billion) and Denmark's Tryg (brand value up 66% to USD1.6 billion) were the fastest-growing brands.

Alex Haigh, Managing Director of Brand Finance Asia Pacific, commented on the continued growth of Chinese insurance brands in the global market, attributing their success to strategic agility and a relentless pursuit of innovation. He also noted that European counterparts such as Allianz and AXA demonstrated remarkable adaptability through customer-centric strategies and digital transformations.

The Brand Finance report also includes a Sustainability Perceptions Index, which determines the role of sustainability in driving brand consideration across sectors. The index calculates the proportion of brand value attributable to sustainability perceptions, known as Sustainability Perceptions Value (SPV). In the insurance sector, Allianz had the highest SPV of USD3.7 billion and the highest positive gap value of USD299 million, indicating that the brand's ESG performance supports its strong external awareness of sustainability efforts and communications.

A positive gap value, as in the case of Allianz, suggests that the brand's sustainability performance is stronger than perceived, and that enhanced communication about sustainability efforts could add value by raising perceptions to fully account for the brand's actual sustainability performance.

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