China Pacific Insurance Group has announced that its property insurance subsidiary, China Pacific P&C Insurance, has terminated an agreement to set up a general insurance joint venture in China.
China is encouraging insurers to invest in listed companies and help cut liquidity risks connected with the pledging of firms' shares to secure loans, according to a senior official with the banking and insurance regulator.
Fifty life insurance companies saw their premiums increase for the first eight months of this year compared to the corresponding period last year. In all, there were 81 life insurers operating in the market at end-August that had comparative figures for last year.
Non-life insurers posted a 13.17% year-on-year increase in premiums to CNY781bn ($113bn) for the first eight months of this year. However, the growth is slowing.
More than 90% of 82 insurance companies that took part in a recent survey have taken at least initial steps to establish a risk management framework.
Insurance companies have been busy raising funds to boost capital this year. A total of 27 insurers have increased their capital by about CNY74bn ($10.7bn) this year to date, 2.8 times of the amount of capital increased in the same period last year.
Six months after the insurance authorities imposed a 33% cap on holdings in an insurer by a single shareholder, several insurance companies still have not complied with the regulations. Most of these are state-owned insurance companies.
After a wait of around two years, the ownership issue of Shin Kong-HNA Life is finally resolved, with the insurance regulator giving approval for the company to change its shareholders and increase its registered capital.
The International Monetary Fund has lowered its forecast for Chinese economic growth in 2019, predicting that the GDP growth rate next year would be 6.2%.
Guangdong Yudean P&C Captive Insurance has announced that it is acquiring a 100% stake in Shenzhen Tianxin Insurance Broker so as to coordinate insurance resources and improve financial results.