China Life, the country's biggest insurer, says that its insurance business scale hit a record high in the first six months of this year, but warns of increasingly challenging external and unbalanced domestic developments.
Residential property insurance should be made a requirement, much like motor third-party liability insurance, to protect against risks like damage caused by accidents and disasters. This message is being increasingly sounded.
China's five major 'A'-share listed insurance giants have released their interim financial statements for the first half of 2024. Among them, four have proposed paying interim dividends for the period.
China's biggest non-life insurance group, PICC, has reported a net profit of CNY31.5bn ($4.4bn) for the first half of this year, representing a year-on-year increase of 13.4%, according to interim financial statements released by the group.
Ping An Insurance Group Company of China aims to be the biggest at-home elderly care service provider in China in terms of the number of clients, the services rendered and the level of professionalism, Mr Guo Xiaotao, co-CEO of the insurance giant, has said.
Prudential plc's business in the Greater China region contributed $926m in new business profit to the group in the first half of 2024. This represented 63% of the group's total new business profit for the period, according to interim financial statements released by Prudential.
The National Financial Regulatory Administration (NAFR) has addressed more fully questions about allowing cross-border insurance access between mainland China and Hong Kong and Macau.
Four standalone pension insurance companies in China posted a combined net loss of CNY1.69bn in the first half of this year, according to data contained in their 2Q2024 solvency reports.
ZhongAn Online P&C Insurance recorded GWP of CNY15,238m in the first half of 2024, 5.4% higher than the CNY14,463m in the corresponding period in 2023.
ChangAn Property & Liability Insurance has placed its 16.67% share in Beijing-based mutual insurer Hero Mutual Property Insurance on the block.