China Life Insurance, the country's biggest insurer, is purchasing half of a Beijing property project for CNY3.1bn ($436m).
More than 60m people have opened private pension accounts since the introduction of China's private pension system in November 2022, data from the Ministry of Human Resources and Social Security showed.
New business premiums derived from mainland Chinese visitors (MCVs) was HK$15.6bn ($2bn) in 1Q2024, more than 60% higher than in the corresponding quarter of 2023, according to data from the Hong Kong Insurance Authority.
Electric vehicle (EV) insurers in China chalked up a combined ratio of above 100% in 2023, and the growing share of EV premiums in total motor business pushed the combined ratio of the branch higher, noted Swiss Re Institute.
The sale of a 10% stake in Qianhai Reinsurance Co has been finalised around two years after the purchaser made a successful bid for the related shares.
Chinese insurance giant Ping An will maintain a balanced "double barbell" asset allocation to ensure stable returns, according to Mr Benjamin Deng, chief investment officer of Ping An Insurance (Group) Company of China.
The National Financial Regulatory Administration (NFRA) has released guidelines for promoting the development of inclusive insurance to better meet the needs of the people and the real economy.
Life insurers in China are expected to maintain healthy premium growth and have better new business value growth and margins in 2024, after reporting a year-on-year premium growth of 12% in 4M2024 (2023: 10%), says Fitch Ratings.
The growth of the mainland Chinese non-life sector slowed in 1Q2024 on deceleration in the expansion of motor insurance, which accounted for 44% of sector premiums, says Fitch Ratings. Motor insurance growth decelerated to 2.6% year on year in 1Q2024 despite strong sales of new-energy automobiles.
Risk complexity in mainland China has continued to grow, and the risk landscape has become increasingly volatile, says Aon, a leading global insurance broking company, as it outlines trends in the insurance market.