S&P Global Market Intelligence has released the S&P list of the top 50 global life insurance companies according to a ranking based on life and accident & health reserves of companies in 2022.Which of the following statements is/are correct with respect to the above information provided?

I.Life Insurance Corporation of India (LIC) is the fourth largest insurer in the world, according to a ranking based on life and accident & health reserves of companies in 2022 by S&P Global Market Intelligence.

II.On an individual country basis, Europe has the highest number of life insurers on the list, with eight companies headquartered in the region, followed by the UK with seven companies.

III.Out of the top 50 companies, Asian firms followed their European counterparts with 17 of them featuring on the list.

Solution

Life Insurance Corporation of India (LIC) is the fourth largest insurer in the world, according to a ranking based on life and accident & health reserves of companies in 2022 by S&P Global Market Intelligence. It is ranked after Allianz SE, China Life Insurance Company and Nippon Life Insurance Company.The S&P list of the top 50 global life insurance companies was dominated by European firms, taking 21 spots. On an individual country basis, the US has the highest number of life insurers on the list, with eight companies headquartered in the region, followed by the UK with seven companies.Out of the top 50 companies, Asian firms followed their European counterparts with 17 of them featuring on the list. China and Japan share the top spots in Asia. The top 50 companies were ranked on their life and accident & health reserves, one of the key financial strengths of a life insurer.