LIC enters the Fortune Global 500 list

4 Aug 2022 , 07:46 AM

With US$97.26 billion in sales and a $553.8 million profit, the largest life insurer in the country was rated 98th on the most recent Fortune 500 list. The most recent Fortune Global 500 list has been broken into by the freshly floated Life Insurance Corporation (LIC), while Reliance Industries has climbed 51 spots.

With US$97.26 billion in sales and a $553.8 million profit, the largest life insurer in the country was rated 98th on the most recent Fortune 500 list.

Reliance Industries moved up 51 spots to position 104 on the list for 2022. This is LIC’s first appearance on the list, which lists firms according to sales. Reliance has been on the list for 19 years, with revenue of USD 93.98 billion and a net profit of $8.15 billion in the most recent year. This is LIC’s first appearance on the list, which lists firms according to sales.

There are nine Indian enterprises on the list, with US retailer Walmart at the top. Five of them are state-owned, while the other four are private. Reliance was ranked higher among Indian corporates than only the rookie LIC, which had its IPO the previous fiscal.

Reliance was ranked higher among Indian corporates than only the rookie LIC, which had its IPO the previous fiscal. Oil and Natural Gas Corporation (ONGC) increased by 16 places to rank 190, while Indian Oil Corporation (IOC) surged 28 positions to take over the 142nd spot.

Tata Steel was ranked 435th while Tata Motors was ranked 370th on the list. The other private Indian business on the list was Rajesh Exports, which came in at position 437.

Bharat Petroleum Corporation Ltd. rose 19 places to rank 295 and State Bank of India (SBI) advanced 17 spots to number 236. Companies are ranked on the Fortune Global 500 list according to total sales for the fiscal years that concluded on or before March 31, 2022.