China's online P&C insurance sector saw steady growth in premiums in 2021, according to a report released by the Insurance Association of China.
The CBIRC has expanded the investment scope of the insurance sector to include a wider array of financial products in order to enable the CNY23tn ($3.4tn) worth of insurance funds to better serve the economy.
China's Big Four state-owned banks will launch a pilot programme for retirement savings products in several regions soon, the CBIRC has announced.
Insurance group Fidelidade Macau has posted a net profit of MOP42.2m ($5.2m) for 2021, representing a growth of 24% when compared with 2020.
The CBIRC has issued a notice on regulating and promoting the development of commercial personal pension plans, outlining several principles to be followed by insurers and other financial institutions that engage in the business.
Direct fund flows to insurers' retirement savings insurance (mainly annuities), arising from the private pension scheme to be introduced by the government, will be moderate at the beginning of the scheme, says Moody's Investors Service.
Two thirds (101) of 153 insurance companies have reported negative comprehensive investment yields during the first quarter of this year.
The average annual motor insurance premium charged in the first quarter of this year was in the range of CNY1,000 ($147) to CNY3,000, according to the 1Q2022 quarterly solvency reports filed by 59 property insurers as of 9 May. More specifically, the average auto premium for the 59 companies amounted to CNY2,015.
ZhongAn Online P&C Insurance Co has raised its market presence on the back of strong business growth, notes Moody's Investors Service. The insurer's premium grew 22% in 2021, largely driven by the increase in its consumer finance segment.
Over 80% of 155 insurance companies in China that have released their 1Q2022 solvency reports show a decline in solvency ratios as of 31 March 2022 compared to levels in 2021.