New Delhi, Dec 5 (IANS): India's state-owned Life Insurance Corporation (LIC) has emerged as the fourth largest life insurer in the world, according to a new ranking, on the basis of life and accident & health reserves, by S&P Global Market Intelligence.

Companies on the list have been ranked by life and accident & health reserves in 2022 which indicates their financial strength.

Life and accident & health reserves generally represent a liability to provide for future commitments under outstanding policies.

The importance of LIC's ranking is reflected in the fact that MetLife Inc., the largest life insurance company based in the US, ranks seventh on the list of the largest global life insurers. Prudential Financial Inc., the second-largest life insurance company headquartered in the US is placed eighth in the ranking.

Allianz SE, China Life Insurance Co. Ltd. and Nippon Life Insurance Co. are the three largest life insurance companies in the world, according to the S&P global ranking.

European companies from six countries dominated the list of top 50 global life insurers ranked by life and accident & health reserves, taking 21 spots. In Europe, the UK is home to the most companies on the list with seven carriers headquartered there.

Asia accounts for 17 spots on the list of top global life insurers, making it the region with the second-highest number.

Mainland China and Japan shared the top spot in Asia with five companies headquartered there.

North America took 12 spots on the list with eight companies based in the US, two in Canada and two in Bermuda.

On an individual country basis, the US has the highest number of life insurers on the top 50 list, with eight.