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China’s insurance sector experienced solid growth in the final quarter of 2024, with total assets held by insurance companies and asset management firms reaching $5.03 trillion (RMB 35.9 trillion). This marks a 13.9% year-on-year (YoY) increase, according to the National Financial Regulatory Administration.
Key Highlights of the 2024 Insurance Sector
- Personal Insurance Companies: Dominated the sector, holding $4.42 trillion (RMB 31.6 trillion) in assets, a 15.3% increase YoY.
- Property and Casualty Insurers: Reported assets of $406 billion (RMB 2.9 trillion), a more modest 4.3% increase.
- Reinsurance Companies: Saw assets rise to $115.91 billion (RMB 827.9 billion), up 10.8% YoY.
- Insurance Asset Management Firms: Held $17.88 billion (RMB 127.7 billion), marking an 8.5% increase YoY.
Premiums and Claims
- Primary Insurance Premium Income: Totalled $798 billion (RMB 5.7 trillion), reflecting a 5.7% YoY increase.
- Claims and Benefit Payments: Rose significantly by 19.4%, reaching $322 billion (RMB 2.3 trillion).
- New Policies Written: The sector saw a substantial increase, with 103.8 billion new insurance policies written, a 37.6% increase YoY.
Solvency and Financial Stability
The solvency position of China’s insurance sector remained healthy throughout 2024:
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- The comprehensive solvency ratio stood at 199.4% at the end of Q4 2024, while the core solvency ratio was 139.1%.
- Property and casualty insurers had a comprehensive solvency ratio of 238.5% and a core ratio of 209.2%.
- Personal insurers posted ratios of 190.5% and 123.8%, respectively.
- Reinsurers reported strong solvency, with ratios of 254.2% (comprehensive) and 221.2% (core).
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