Top 6 insurers command 90% of life sector's aggregate net profits
Source: Asia Insurance Review | Jun 2019
China’s six most profitable insurers last year commanded a combined net profit of CNY129.6bn, which represented 89.57% of the life sector’s aggregate net gains for the year.
The six insurers and their net gains are as shown below:
The profit share of the six life insurers increased by five percentage points to 89.51% in 2018 from 84.51% in 2017, according to an analysis by Huibao World.
Of the six most profitable insurers, Ping An outpaced its rivals by more than doubling its net profits last year.
China Life, the country’s largest life insurer in terms of premium revenue, reported a 64% plunge in net profits last year. This was expected because in January, the insurer had warned that net profit could plunge by up to 70% in 2018 from the year before, due to equity investment results. Analysts, though, say that the election last November of a new chairman, Mr Wang Bin, was likely to have led to more write-offs in 2018 so that the company would show sterling financial results in subsequent years. A
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