The top life insurer in China last year was China Life with premium income of CNY331.24 billion (US$52.97 billion), according to CIRC data. It registered a growth of 1.38% from 2013. China Life is also the largest insurer in the country based on its premium income, surpassing PICC which is the top non-life insurer with premium of CNY252.42 billion (US$40.39 billion) in 2014.
China’s insurance industry recorded total premium income growth of 17.5% y-o-y to CNY2,023.5 billion (US$323.76 billion) last year, as per CIRC data. The non-life sector’s premium income grew 16% to CNY720.34 billion, while the life sector rose 18.3% to CNY1.3 trillion.
For the life sector, Ping An registered the highest growth of 19.1% to record CNY173.99 billion in premium income. Domestic life insurers continue to dominate the market with 94.2% of the market (See Table 1).
ICBC-AXA Life is top foreign life insurer
CIRC data also revealed that ICBC-AXA Life’s premium income jumped 49.7% y-o-y to CNY15.4 billion (US$2.46 billion) last year to remain as the top foreign life insurer.
The top five foreign life insurers remained the same from a year ago, with all registering double-digit growth rates (See Table 2).
Foreign life insurers’ market share based on premium income was 5.8%.
PICC is top non-life insurer
PICC remained the top non-life insurer in 2014 with CNY252.42 billion (US$40.39 billion) in premium income, up 13.19% y-o-y. The top five remained unchanged from 2013. The other four are Ping An, CPIC, China Life, and China United (see Table 3).
The top five accounted for closed to 75% of the P&C sector’s premium income, according to CIRC. The domestic P&C insures dominated the sector with a market share of 97.8%.
AXA Tian Ping is top JV P&C insurer
Lastly, AXA Tian Ping is the top JV P&C insurer in 2014 with premium income of CNY6.61 billion (US$1.06 billion), according to CIRC data. This is 4.5 times more than the second insurer which registered CNY1.46 billion in premium income (See Table 4).
While foreign general insurers’ market share of premium income remained low at 2.22%, it is a marked improvement from the 1.28% recorded in 2013.