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'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 underwriting performance of insurers and takaful operators (ITOs) in Malaysia was adversely affected by an increase in medical payouts in 2022, says Bank Negara Malaysia (BNM).
French state-backed (re)insurer CCR has reported net income on a stand-alone basis of EUR67m ($74m) for 2022, about half of the EUR134m reported in 2021.
The Kuwaiti insurance market reported total premiums of KWD629.9m ($2.96bn) for the financial year ended 31 December 2022, according to industry data.
Demand for insurance in Vietnam is expected to continue to grow in 2023 because of higher awareness and the growth momentum in the economy. The GDP is expected to grow by 6.5%.