LIC breaks into Fortune 500 list, Reliance jumps 51 places

Recently listed Life Insurance Corporation (LIC) has broken into the latest Fortune Global 500 list, while Reliance Industries has jumped 51 places.

The country’s largest life insurer, with a revenue of USD 97.26 billion and a profit of USD 553.8 million, was ranked 98th in the recently released Fortune 500 list.

Reliance Industries jumped 51 places to 104 in the 2022 list.

This is the first outing of LIC on the list, which ranks listed companies by sales. Reliance, with revenue of USD 93.98 billion and a net profit of USD 8.15 billion in the latest year, has been on the list for 19 years.

American retailer Walmart’s list is topped by nine Indian companies – five of which are state-owned, and four are from the private sector.

Only budding LIC, which came out with its IPO in the last financial year, was above Reliance among Indian corporates.

Indian Oil Corporation (IOC) jumped 28 places to 142nd position, while Oil and Natural Gas Corporation (ONGC) climbed 16 places to 190th.

There were two Tata group companies on this list – Tata Motors at 370 and Tata Steel at 435 positions. Rajesh Exports was the second private Indian company on the list at 437th rank.

State Bank of India (SBI) climbed 17 places to 236th and Bharat Petroleum Corporation Limited climbed 19 places to 295th.

The Fortune Global 500 list ranks companies based on total revenue for their respective fiscal years ended on or before March 31, 2022.

“The rebound from COVID-19 has created a huge tailwind for the world’s largest companies in terms of revenue,” Fortune said.

Total sales of the Fortune Global 500 reached US$37.8 trillion, an increase of 19 percent – the highest annual growth rate in the list’s history.

1 for the ninth straight year, trailing Amazon, which reached the highest ranking ever. Chinese energy giants State Grid, China National Petroleum and Sinopec rounded out the top five.

For the first time, the revenues of Global 500 companies in Greater China (including Taiwan) exceed the revenues of US companies on the list, accounting for 31 percent of the total.

“The corporations that make up our annual ranking of the world’s largest companies also posted record-breaking profits in 2021. But this year’s turmoil has confronted Fortune Global 500 leaders with a new set of woes – among them Many political as well as economic,” it added.

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