China's five biggest 'A' listed insurance companies posted a combined premium income of CNY2.39tn ($336.89bn) in the first 10 months of this year, rising by 5.7% compared to the corresponding period in 2022.
The Ministry of Human Resources and Social Security has issued a draft of the "Opinion on Strengthening the Standardised Management of Annuity and Pension Products".
How to increase the public's willingness to make savings in their personal pension accounts is a question vexing the authorities.
The basic pension fund managed by China's social security fund gained CNY5.1bn ($701m), or 0.33% in 2022, down from a 4.9% gain in 2021, reported Reuters quoting the National Council for Social Security Fund (NCSSF).
The global pension index value of Hong Kong's pension system decreased to 64.0 in 2023 from 64.7 in 2022, primarily due to updated OECD data, according to the Mercer CFA Institute Global Pension Index 2023 report.
China's five biggest listed insurance companies posted net profits attributable to shareholders of the parent company of more than CNY156.9bn ($21.5bn) in the first three quarters of this year, representing a decline of 17.4% compared to the corresponding period in 2022.
Ping An Insurance Group, China's biggest insurance group by capitalisation, remained resilient in 3Q2023, amid the economic challenges in China, achieving an annualised operating ROE of 16.7% with an operating profit of CNY112.48bn ($15.4bn), notes CreditSights which is a unit of the Fitch Group.
The global pension index value of Taiwan's pension system increased from 52.9 in 2022 to 53.6 in 2023, primarily due to an increase in the net replacement rates published by the OECD, says the Mercer CFA Institute Global Pension Index 2023 report.
Gaps remain in superannuation trustees' approach to operational risk and financial resilience, and in their plans to assist the tidal wave of fund members heading fast towards retirement, APRA deputy chair Margaret Cole has said.
The IRDAI has established a committee of 12 members to simplify insurance policy wording by using language understandable to policyholders, the regulator says in a statement.