China's insurance industry reported total payouts exceeding CNY2.3tn ($322bn) in 2024, according to data from the National Financial Regulatory Administration.
The year 2025 has seen a renewed wave of IPOs among InsurTech and insurance intermediary firms. Recently, Shouhui Group filed its prospectus with the Hong Kong Stock Exchange for the third time, aiming for a main board listing. While InsurTech companies remain enthusiastic about the capital markets, those already listed are grappling with low valuations and falling share prices.
In 2024, underwriting losses widened for non-listed P&C insurers, though the overall deficit showed signs of improvement. Among 74 companies, 54 reported a combined ratio exceeding 100%. Notably, 37 insurers fell within the 100%-110% range-10 more than in 2023-while only eight exceeded 120%, down by six year-on-year.
Ping An Good Doctor has released its 2024 annual results, marking its first full-year profit. The company reported total revenue of CNY4.81bn ($664.98 m), with an adjusted net profit of CNY158m. Revenue from its comprehensive financial client (F-end) and corporate client (B-end) businesses grew 17.2% year-on-year.
Recently local media reported that the first-year comprehensive insurance premium for the Xiaomi SU7 Ultra, priced at CNY529,000 ($73,088), ranges between CNY9,500 and CNY11,000. This is approximately CNY3,000 lower than the insurance costs for similarly priced gasoline vehicles.
On March 10, Jiang Tai Insurance Brokers' 11.008m shares, representing 5.1217% of total equity, were listed for transfer at CNY43.36m ($5.98m). The seller, China Three Gorges Corporation (CTG), had previously attempted to offload the stake.
These are the highlights for all events and updates across the industry this week.
These are the updates on insurance regulation across China this week.
More than 90% of village clinics in China have their services now covered by basic medical insurance according to China National Health Commission (CNHC).
China and UNDP have launched the 'Tailored Intelligence for Actionable Early Warning Systems' (TIAEWS) project for Pakistan. The initiative aims to strengthen Pakistan's capacity to anticipate and respond to climate change impacts and become more resilient.