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18 August 2022

Business Insider Bangladesh

India’s LIC enters Fortune 500 list for the first time

BI Desk || BusinessInsider

Published: 15:58, 4 August 2022   Update: 15:58, 4 August 2022
India’s LIC enters Fortune 500 list for the first time

Life Insurance Corporation of India (LIC) logo.

Life Insurance Corporation of India (LIC) has entered the Fortune Global 500 list for the first time, several Indian media reported Thursday citing Fortune magazine.

The Indian state-owned insurer also operates in Bangladesh with the business name “LIC Bangladesh Ltd”. It is a joint venture of LIC of India (LIC), Strategic Equity Management Limited (SEML) Bangladesh and Mutual Trust Bank Limited Bangladesh.

LIC Bangladesh Ltd started its operation in 2016 having full-fledged branches at over 12 locations across the country.

Meanwhile, Reliance Industries (RIL) which is the largest company in terms of market capitalisation in India, jumped 51 places.

However, LIC was at the top of the list from India. A total of nine Indian companies have entered the list, out of which, five of them were state-owned and four were private sector firms.

Tata Group-backed automobile and steel flagship companies also made the list, while SBI was the only banker from its sector. The majority of the Indian firms were from the oil and gas sector.

LIC held the 98th rank in the Fortune Global 500 list for the current year, with a revenue of nearly $97.27 billion and a profit of $553.8 million.

Meanwhile, RIL followed at the 104th rank with a revenue of $93.98 billion and a net profit of $8.15 billion in the last year.

That said, LIC which launched its IPO this year, surpassed RIL in being the top company from India on the Fortune Global list.

Further, state-owned Indian Oil climbed 28 places to 142nd rank and ONGC jumped 16 places to hold 190th rank. Another oil and gas sector-related company, BPCL jumped 19 places to the 295th spot.

Tata Group firms Tata Motors and Tata Steel held 370th and 435th ranks. Also, Rajesh Exports holding the 437th spot was the other private company apart from RIL and the mentioned Tata firms.

In the banking sector, the State Bank of India (SBI) jumped 17 places to hold the 236th rank.

Among the top five companies on the list, two belonged to the United States, and three were from China.

Walmart topped the Fortune Global list for the ninth year in a row, trailed by Jeff Bezos Amazon at the second rank which reached its highest ranking ever.

State Grid Corporation of China and China National Petroleum Corporation held the third and fourth ranks. While Sinopec Group held the fifth spot.

Saudi Arabia's Aramco was at the sixth rank, while Apple took the seventh spot. Other companies like Volkswagen, China State Construction Engineering, and CVS Health were also in the top ten.

The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks 500 of the largest corporations by total revenue for their respective fiscal years.