China’s insurance premium income grew by 10.68% year-on-year in the first five months of 2023, as per a new report from the National Administration of Financial Regulation (NAFR).
Premium income in total reached around CNY2.68 trillion (US$371 billion) during the period from January to May. Meanwhile, the sector’s total assets now amount to CNY28.4 trillion (US$3.94 trillion).
As per a report from China Daily, the premium also represents a marked 4.5% increase from the beginning of the year.
The new figures come at a time of renewed vigour for both the mainland and its closest insurance neighbour, Hong Kong; China Life, the nation’s largest life insurer, has announced that it is exploring options to upgrade services for mainland clients as the sales market surged following the border reopening.
Meanwhile, two McKinsey partners and insurance experts expressed their views on the growth potential offered by the Chinese life insurance market in an interview with Insurance Business Asia.
What are your thoughts on this story? Please feel free to share your comments below.
