Total assets of Chinese insurance companies rise by 9.1% from start of year to RMB 22.4trn

Written by Adam Cadle

20/11/2020

Total assets of Chinese insurance companies amounted to RMB 22.4trn at the end of Q3 2020, increasing by RMB 1.9trn and up by 9.1% from the beginning of the year.

According to latest figures published by the China Banking and Insurance Regulatory Commission (CBIRC) assets of P&C insurance companies registered RMB 2.4trn, up by 3.9%; assets of life insurance companies reached RMB 19.1trn, up by 12.6%; assets of reinsurance companies recorded RMB 494.9bn, up by 16.1%; and assets of insurance asset management companies were RMB 66.2bn, up by 3.3%.

As of the end of 2020 Q3, insurance companies had recorded primary insurance premium income of RMB 3.7trn, up by 7.2% year on year.

Solvency status of the insurance sector. At the end of Q2 2020, the average comprehensive solvency ratio of the insurance companies reviewed was 242.6%, and the average core solvency ratio was 230.4%. For the comprehensive risk rating, 99 insurance companies were rated as Class A, 72 as Class B, 5 as Class C and 1 as Class D.

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