Total assets of Chinese insurance companies rise by 7.3% to RMB 26.7trn

Written by Adam Cadle

29/11/2022

Total assets of Chinese insurance companies amounted to RMB 26.7trn at the end of Q3 2022, an increase of RMB 1.8trn and up by 7.3% from the beginning of the year, the China Banking and Insurance Regulatory Commission (CBIRC) has revealed.

Assets of P&C insurers were RMB 2.7trn, up by 9.9%, compared with the beginning of the year, and assets of life insurance companies were RMB 22.9trn, up by 7.1%. Assets of reinsurance companies were recorded at RMB 672.6bn, up by 11%, and assets of insurance asset management companies were RMB 102.4bn, down by 0.6%.

As of the end of 2022 Q3, insurance companies had recorded primary insurance premium income of RMB 3.8 trillion, up by 5% year on year.

The average comprehensive solvency ratio of the 181 insurance companies under the review of Solvency Supervisory Committee was 220.8% at the end of Q2 2022, and the average core solvency ratio was 148.1%. For the comprehensive risk rating, 42 insurance companies were rated as Class A, 115 as Class B, 15 as Class C and nine as Class D.

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