AIA China delivered growth of 20% in the value of new business (VONB) to $1,037m in 2023, driven by a double-digit increase in the group's Premier Agency channel and excellent growth from the bancassurance channel, Hong Kong-headquartered AIA said yesterday as it released its financial results for 2023.
Stronger financial support is to be given to high-quality economic development, including improving the pricing mechanism for new-energy auto insurance, Mr Li Yunze, head of the National Financial Regulatory Administration (NFRA).
Aeon Life and Pearl River Life are among several insurers that have in recent years rolled over their capital supplementary bonds instead of redeeming them in the current economic situation in China.
Pension insurance companies in China are focusing on core long-term pension business as they run off personal short-term products or fund management operations.
New business premiums generated from mainland Chinese visitors (MCVs) to Hong Kong dropped by 18.9% in the fourth quarter of 2023 to HK$12.1bn, compared to the third quarter of last year, according to data from the Hong Kong Insurance Authority (IA).
The number of companies that purchased Directors and Officers Liability insurance in 2023 is estimated to have dropped by 10% compared to 2022.
Among the listed companies that purchase directors and officers' liability insurance in 2023, private enterprises pre-dominate, forming 75% of the total, according to the "China Listed Companies Directors Liability Insurance Market Report (2024)".
More than 200 insurance agency licences have been cancelled so far this year.
AIA's Hong Kong business outpaced that of mainland China in 2023 to become the largest contributor to the group's value of new business (VONB) in 2023 as the territory captured the very strong demand of mainland Chinese visitors (MCVs) following the full resumption of normal cross-border travel in February 2023.
Several Chinese insurance companies late last week sent senior executives to the headquarters in Shenzhen of China Vanke, the country's second biggest property developer by sales, to conduct negotiations on extending Vanke's debt repayment period for at least a year.