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LIC Turns into Prime-Ranked Indian Agency On Fortune World 500 Checklist


Fortune World 500 listing: Life Insurance coverage Company is the top-ranked among the many Indian companies.

Mumbai (Maharashtra):

Just lately-listed Life Insurance coverage Company (LIC) has damaged into the newest Fortune World 500 listing, whereas Reliance Industries has jumped 51 locations.

The nation’s greatest life insurer with income of USD 97.26 billion and a revenue of USD 553.8 million, was ranked 98th on the simply launched Fortune 500 listing.

Reliance Industries jumped 51 locations to 104 on the 2022 listing.

That is the primary outing of LIC on the listing, which ranks listed firms by gross sales. Reliance, with income of USD 93.98 billion and a internet revenue of USD 8.15 billion within the newest yr, has been on the listing for 19 years.

The listing, topped by US retailer Walmart, has 9 Indian firms — 5 of them state-owned, and 4 from the personal sector.

Solely the debutant LIC, which got here out with its IPO final fiscal, was ranked larger than Reliance among the many Indian corporates.

Indian Oil Company (IOC) rose 28 locations to 142nd rank whereas Oil and Pure Fuel Company (ONGC) climbed 16 locations to 190.

The listing had two Tata group companies — Tata Motors at 370 and Tata Metal at 435th spot. Rajesh Exports at 437th rank was the opposite personal Indian firm on the listing.

State Financial institution of India (SBI) climbed 17 locations to rank 236th and Bharat Petroleum Company Ltd 19 locations to 295.

Fortune World 500 listing ranks firms by complete revenues for his or her respective fiscal years ended on or earlier than March 31, 2022.

“The rebound from COVID-19 created an enormous tailwind for the world’s largest firms by income,” Fortune stated.

Combination gross sales for the Fortune World 500 hit USD 37.8 trillion, a rise of 19 per cent — the very best annual progress price within the listing’s historical past.

Walmart landed at No. 1 for the ninth straight yr, trailed by Amazon, which reached its highest rating ever. Chinese language vitality giants State Grid, China Nationwide Petroleum, and Sinopec rounded out the highest 5.

For the primary time, revenues from World 500 firms in Higher China (together with Taiwan) exceeded revenues from US firms on the listing, accounting for 31 per cent of the whole.

“The companies that make up our annual rating of the world’s largest firms additionally reaped record-busting income in 2021. However this yr’s turmoil has confronted the leaders of the Fortune World 500 with a brand new set of crises — a lot of them political in addition to financial,” it added. 

(Apart from the headline, this story has not been edited by IHNS workers and is printed from a syndicated feed.)

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