China Life Asset Management, Taikang Asset Management, and PICC Asset Management, three of the leading insurance asset management institutions in China, attained a combined net profit of CNY1.394bn ($192m) for the first quarter of 2024. Their combined operating income was CNY3.11bn for the quarter.
Nasdaq-listed Huize Holding, a leading Chinese insurance technology platform connecting consumers, insurance carriers and distribution partners, has expanded its global footprint with the acquisition of Global Care Consulting Joint Stock Company (Global Care), a pioneering InsurTech company in Vietnam specialised in digital transformation solutions for the insurance industry.
Three insurance companies were embroiled in fraud when they abused government incentives for projects that are deemed to be of national strategic importance, the National Audit Office (NAO) has reported.
As Japan's life insurers finally see higher interest rates, China's life sector faces the same "negative spread" challenge Japan used to, say Swiss Re economists.
The mainland Chinese insurance industry chalked up a cumulative insurance premium income of CNY2.95tn ($406bn) in the first five months of this year, representing a year-on-year increase of 4.6%, according to the National Financial Regulatory Administration (NFRA).
Taikang Life Insurance Co, one of China's biggest unlisted life insurers, has maintained a robust profitability track record, with its five-year average return on capital (ROC) above 20%, thanks to its consistent premium growth, profitable product mix and strong investment performance, notes Moody's Ratings.
Insurance companies in China raised funds totalling CNY22.5bn ($3.1bn) through issuances of capital supplemental bonds and perpetual bonds in 1H2024, while coupon rates fell below 3%.
Cheche Group, China's leading auto insurance technology platform, has entered into a partnership with NIO Insurance Broker Co, a subsidiary of EV manufacturer NIO, as Cheche continues to deepen its collaboration with new energy vehicle (NEV) manufacturers.
Allianz Global Investors is investing in a 2% stake in Guomin Pension & Insurance Company, making the German asset management company the 18th shareholder of the pension insurance start-up.
Insurance companies in China had received 18,400 claims related to rain-caused damages as of 12pm on 23 June.