Recently, the Q1 2025 financial reports for China's top five listed insurance companies have been released. China Life, Ping An, PICC, CPIC, and New China Life reported a combined net profit of CNY84.18bn ($11.62bn), a year-on-year increase of 1.4%, with a daily profit of CNY935m. The quarter saw a clear divergence in performance, with a 'three up, two down' pattern.
Recently, to enforce stricter supervision of universal life insurance and ensure it returns to its core role of providing protection, the National Financial Regulatory Administration (NFRA) issued a notice titled 'Notice on Strengthening the Supervision of Universal Life Insurance'.
The National Financial Regulatory Administration (NFRA) has recently released the latest figures for the insurance industry's performance in March 2025. In the first quarter, the industry's gross insurance claims expenditure totalled CNY827.4bn ($113.85bn), marking a year-on-year increase of 12.54%.
Zhibao Technology Inc (ZBAO), a Nasdaq-listed company, recently released its financial data for the first half of the 2025 fiscal year, showcasing its growth. The company's operating revenue for the period reached CNY146.4m ($20.14m), marking a 74% year-on-year increase. Operating profit also surged by CNY12.18m.
Mainland China visitors (MCVs) to Hong Kong contributed new business premiums to the territory's insurance market, totalling HK$62.8bn ($8.1bn), an increase of 6.5% over 2023. The figure made up 28.6% of total new office premiums for individual business, according to data released by the Hong Kong Insurance Authority.
China United Property Insurance Company (CUPI) is expected to maintain a stable underwriting margin by opting out of higher volatility business and continuing to enhance its risk-selection capability, says Fitch Ratings. CUPI is one of the largest non-listed insurers in China in terms of premiums.
These are the updates on insurance regulation across China this week.
These are the highlights for all events and updates across the industry this week.
China has banned the use of the terms 'smart driving' and 'autonomous driving' in advertisements by carmakers. Also, software updates related to driving functions in intelligent and connected vehicles can now be updated remotely only with prior regulatory approvals. The new directives were issued by the Chinese ministry of industry and Information Technology earlier this month.
AIA announced a 13% growth in value of new business (VONB) on constant exchange rates for the first quarter ended 31 March 2025.