The National Healthcare Security Administration (NHSA) has elevated the commercial medical insurance under the 15th Five-Year Plan covering the years 2026-2030, positioning commercial insurers as increasingly important participants in the country's multi-level medical security system.
China has taken a rare move to shore up its five state-owned insurance groups. It's pumping a total of $10.4bn (CNY70bn) of capital into these groups to fortify the sector.
The priorities of China's non-life insurers are increasingly shifting toward sustainable profitability and operational efficiency, supported by accelerated digitalisation and innovation, according toe Mr James Chan, Director, Analytics, at AM Best.
Six Chinese government bodies, led by the Ministry of Agriculture and Rural Affairs, jointly issued an implementation plan on 7 September aimed at supporting insurance companies in enriching their product portfolios.
Ten bank-affiliated insurance companies have posted a combined net profit of CNY25.26bn ($3.76bn) for the first half of this year, representing a dramatic year-on-year increase of 162.58%, with every one of them reporting profits.
A proposed capital injection from China's Ministry of Finance and proactive capital management at the subsidiary level will likely shore up PICC Group's capital headroom, said S&P Global Ratings (S&P). Meanwhile, the insurance group's ongoing efforts to tighten underwriting and investment risk controls could help safeguard underlying earnings.
Ping An Health Insurance Company of China (Ping An Health), the second-largest specialised health insurer in mainland China, maintained strong operating performance in 2025, delivering a return-on-equity (ROE) of over 20%, notes AM Best.
Urtrust Insurance Co is expected to maintain its underwriting advantage in the new-energy vehicle (NEV) segment through close partnerships with manufacturers and improved pricing capabilities driven by richer operational data, said Fitch Ratings.
The government has injected additional funds into state owned insurers and banks to ease solvency pressures and fulfill regulatory demands.
Manulife Financial Asia and Ant Health have partnered to explore connected healthcare solutions designed to simplify how customers find, access and pay for medical services across borders.