Taikang Insurance Group's stable operating results and solid capital strength, despite challenging market conditions associated with the outbreak of the coronavirus pandemic, has led to Fitch Ratings to revise the outlook on Taikang Group's Long-Term Issuer Default Rating and its core life subsidiary's-Taikang Life Insurance -Insurer Financial Strength (IFS) Rating to 'Stable', from 'Negative'.
The outlook on New China Insurance (NCI) Insurer Financial Strength (IFS) Rating is revised to 'Stable' from 'Negative', says Fitch Ratings which affirms the company's IFS Rating at 'A' (Strong).
Two of China's major life insurers strengthened their agency forces last year as they tried to cope with the impact of the COVID-19 pandemic that affected face-to-face marketing.
China has issued a guideline to support higher-level reform and opening up in Hainan Province by promoting financial services on this island which is in the south of the country,
The CBIRC has drafted a five-year plan for life insurance that among other things would raise the upper age limit for insurance coverage so as to meet the protection needs of senior citizens older than 70.
Comprehensive auto insurance reforms are estimated to save policyholders at least CNY150bn ($23bn) a year based on market experience of the last six months or so since the reforms were launched on 19 September 2020.
China is reviving a sale of Dajia Insurance Group, the company that took over most of the operations of troubled Anbang Insurance Group, as the government seeks to turn the firm over to private investors, reported Bloomberg quoting people with knowledge of the matter.
China's major life insurers saw their agency forces vary in strength last year as they adopted different strategies to cope with the impact of the COVID-19 pandemic that affected face-to-face marketing.
The proportion of male consumers who buy insurance has increased year by year, from 59.3% in 2016 to 72.7% in 2020, according to a report released by China Insurance Protection Fund.
China Pacific Insurance (Group) Co (CPIC) has posted GWP of CNY362.06bn ($55.27bn) in 2020, a growth of 4.2% compared with 2019. Group operating profit after tax grew by 11.7% to CNY31.14bn last year, although group net profit reached CNY24.58bn, down by 11.4%.