The first quarter of 2025, traditionally the strongest sales period for China's life insurance industry, has shown clear signs of pressure, with new business premiums declining notably across major distribution channels.
On May 14, Ant Insurance, an online insurance platform under Ant Group, announced that its flagship medical insurance product - Haoyibao long-term medical plan (flagship version) - is now open to residents of Hong Kong, Macau, and Taiwan. The move aims to improve financial service accessibility for these groups living in mainland China.
Data show that PICC Health, Ping An Health, Pacific Health Insurance, Fosun United Health, and Ruihua Health collectively recorded operating income of CNY75.65bn ($10.59bn) in 2024, up 14.1% year-on-year, and net profit of CNY4.15bn, a 46.6% increase.
These are the highlights for all events and updates across the industry this week.
The number of new contracts within the Vietnamese life insurance industry saw a 4.3% y-o-y growth in the first quarter of the year, according to the Insurance Association of Vietnam's vice secretary general Ngo Trung Dung.
Modern technological tools must be integrated into the insurance business in Arab markets, and operators have to exert greater efforts to deal with the challenges that emerge with the use of technology, said the General Arab Insurance Federation (GAIF) secretary-general Chakib Abouzaid.
Abu Dhabi National Insurance Company (ADNIC), one of the leading regional multi-line insurance providers for both corporates and individuals, has delivered strong financial results for the first quarter of 2025.
Prudential Singapore (Prudential) has set a new benchmark in the financial services industry, with 13 of its agency leaders receiving the 2025 Million Dollar Round Table (MDRT) Culture of Excellence (COE) Awards, out of a global pool of 33 winners. With more than a third of the award recipients, Prudential topped the table with the highest number of MDRT COE winners this year.
Singapore's life insurance industry recorded nearly S$1.48bn ($1.14bn) in weighted new business premiums for the first quarter of 2025, representing a 10.9% per cent y-o-y increase, fuelled by continued uptake of Investment-Linked Policies (ILPs).
The rising cost of dental care is prompting Australians to consider buying extras health insurance.