Ping An Insurance (Group) Company of China's net profit attributable to shareholders of the parent company amounted to CNY83.8bn ($12.1bn) in 2022, dropping by CNY17.8bn or 17.6% year on year, according to the Group's audited financial statements for the year ended 31 December 2022 released on 15 March.
Ping An Property & Casualty Insurance Company of China (Ping An P&C) delivered a five-year average return on equity of 18.6% from 2017 to 2021, during which the company consistently demonstrated better-than-average underwriting profitability, with an average combined ratio of 97.4%, notes AM Best.
New-business premium income generated in Hong Kong from mainland Chinese visitors soared by 200% to HK$2.07bn ($263m) in 2022, according to data released by the Hong Kong Insurance Authority (IA).
The completion of AIA Group's 24.99 % equity investment in China Post Life Insurance in January 2022 enables the Group to access significant upside from additional distribution channels and customer segments that are highly complementary to AIA China's strategy, Mr Lee Yuan Siong, AIA group chief executive and president, has said.
AIA China returned to positive growth in the second half of 2022 with VONB up by 3%, says AIA Group in its financial statements released earlier this week.
Sino-foreign life insurance venture CITIC Prudential Life (CPL) has more than doubled new business profit between 2017 and 2022, and continues to outperform the market, said Prudential Plc as it released is financial results for 2022.
Five major A-share listed insurance groups have reported a cumulative combined premium income of CNY757.7bn ($109.8bn) for the first two months of this year, representing an increase of 3.1% over the corresponding period in 2022.
As cross-border travel between Hong Kong and mainland China fully resumes and residents travelling between the two locations become more frequent, their demand for medical healthcare services is also gaining momentum.
Wholly Korean-owned non-life insurer, KBFG Insurance (China) [KBFG China], has achieved positive operating profit for five consecutive years, with a low-to-mid single-digit return-on-equity ratios reported during that period, says AM Best.
Several legislators and advisers have urged the Chinese government to establish a long-term care insurance scheme for seniors at the national level with unified standards to improve elderly-care services across the country.