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Insurance
03-Aug-22
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LIC became the first ranked Indian company in the Fortune Global 500 list
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Recently listed Life Insurance Corporation (LIC) entered the latest Fortune Global 500 list, while Reliance Industries advanced 51 places.
The country's largest life insurer, with revenue of US$ 97.26 billion and profit of US$ 553.8 million, is ranked 98th in the recently released Fortune 500 list.
Reliance Industries has climbed 51 places to rank 104 in the 2022 list.
LIC's first publication in the list, which ranks listed companies based on sales. Reliance has been on the list for 19 years with revenue of US$ 93.98 billion and net profit of US$ 8.15 billion in the latest year.
Only the debutant LIC, which came out with an IPO last fiscal, was ranked higher than Reliance among Indian corporates.
The Fortune Global 500 list ranks companies based on total revenue for their respective fiscal years ending on or before March 31, 2022.
"The rebound from COVID-19 created a huge tailwind for the world's largest companies by revenue," Fortune said.
Total sales for the Fortune Global 500 hit US$ 37.8 trillion, a 19 percent increase -- the highest annual growth rate in the list's history.
Walmart took the No. 1 spot for the ninth year in a row, followed by Amazon, which reached its highest ranking ever. Chinese energy companies State Grid, China National Petroleum and Sinopec rounded out the top five.
For the first time, the revenue of Global 500 companies in Greater China (including Taiwan) exceeded that of US companies, accounting for 31 percent of the total.
"The corporations that make up our annual ranking of the world's largest companies also reaped record-busting profits in 2021. But this year's turmoil has confronted the leaders of the Fortune Global 500 with a new set of crises -- many of them political as well as economic," it added.
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