News China22 Sep 2023

PICC Life's new business value surges in 1H following removal of COVID-19 restrictions

| 22 Sep 2023

China's removal of COVID-19 pandemic-containment measures has supported new business generation at life insurers in 2023, with PICC Life Insurance Company reporting strong growth in new business value (NBV) in 1H2023. NBV increased by 67% yoy to CNY2.5bn ($342m) in 1H2023, while the value of in-force business after cost of capital rose by about 3.9% to CNY34.8bn.

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