China's five major 'A'-share listed insurance companies have posted a combined premium income of CNY1.95tn ($2.74bn) in the first seven months, a year-on-year increase of 3.49%.
China's Big Three non-life insurers posted a combined premium income of CNY655.78bn ($91.87bn) in the first seven months of this year, an increase of 4.8% compared to the corresponding period in 2023.
The premium income of the life insurance business (not including health and annuity) of the five major 'A'-listed insurers have continued to pick up. In the first seven months of this year, their combined premium income totalled about CNY1.23tn, with a year-on-year increase of 2.64%.
China Pacific Property Insurance [CPPIC] will continue to report underwriting profits over the next two years, with a combined ratio of 96%-99% (on an IFRS 17 basis), estimates S&P Global Ratings [S&P].
One of China's biggest insurance groups, China Pacific Insurance (Group) [CPIC Group], could see its elevated large holding of high-risk assets heighten the Group's vulnerability to credit and market risk, in the view of S&P Global Ratings [S&P].
Shenzhen BYD Property & Casualty Insurance (BYD Insurance) has posted a net profit of CNY18.46m ($2.6m) on an insurance business income of CNY67.26m for the first half of this year, according to the insurer's 2Q2024 solvency report.
Ping An Insurance (Group) Company of China (Ping An or the Group) yesterday announced that it posted net profits attributable to shareholders of the parent company of CNY74,619m ($10,443m) in the first half of this year, 6.8% higher than in the corresponding half in 2023.
Global reinsurer Swiss Re has reported a profit of $996m in the second quarter of 2024, resulting in a net income of $2.1bn and a return on equity (ROE) of 20.1% for the first half of the year.
Pan-Asia insurer AIA Group yesterday announced that it had chalked up a record value of new business (VONB) for the first half of this year, which rose by 25% to $2,455m.
The operating performance of Kenya Reinsurance Corporation is seen as adequate, considering its return-on-equity ratio has consistently exceeded the generally high inflation level in Kenya in recent years, says AM Best.