China's three P&C insurance giants posted a combined CNY953.85bn in original premium income, with a market share of 64.2%, in 2022.
China Reinsurance (Group) Co [China Re] has reported net profit attributable to equity shareholders of the parent company of the Group of CNY 1,871m, representing a year-on-year decrease of 68.6%.
China Life Insurance, the country's biggest insurer, has posted a net profit attributable to equity holders of the company of CNY32.1bn in 2022, 37% lower than in 2021.
The People's Insurance Company (Group) of China (PICC Group) posted consolidated gross written premiums in 2022 which exceeded CNY600bn ($87.2bn) for the first time.
China Pacific Insurance (Group) Co [CPIC Group] has posted an 8.3% drop in net profit attributable to shareholders of the parent to CNY24.61bn ($3.58bn) in 2022.
The CBIRC is expected to announce shortly the extension of individual income tax (IIT) incentives to all mainstream commercial health insurance plans.
China's three biggest P&C insurers have released their 2022 financial statements that show that they dominate the motor insurance branch with a combined share of nearly 70% of the premiums of non-life insurers in China.
PICC P&C Insurance, the biggest non-life insurer in China, posted a year-on-year increase of 579.1% in underwriting profit to CNY10,329m ($1,502m) in 2022.
The CBIRC has released the 2023 budget for the soon-to-be-formed State Administration of Financial Supervision (SAFS).
China recently completed its first national survey on natural disaster risks to understand the risks of hidden natural disasters across the nation.