Premium income of Chinese insurers in H1 2024 climbs 4.9% YoY

Claim and benefit payments amounted to $172.20b.

For the first half of 2024 (H1 2024), Chinese insurance companies reported primary insurance premium income of $497.00b (RMB3.55t), up 4.9% year-on-year (YoY). 

Insurance claim and benefit payments amounted to $172.20b (RMB1.23t) in H1 2024, up 33.1%, whilst the number of new insurance policies issued grew by 40% to 47.2b.  

At the end of the second quarter (Q2 2024), China’s insurance sector's total assets amounted to $4.73t (RMB33.8t), a rise of $322.35b (RMB2.3t) or 7.4% from the start of 2024.  

For the quarter, property and casualty insurance companies had assets of $420.08b (RMB3t), up 7.6% year-to-date (YTD); personal insurance companies' assets were $4.12t (RMB29.4t), up 7.4%; reinsurance companies' assets reached $112.90b (RMB806.4b), up 7.9%; and insurance asset management companies had assets of $17.12b (RMB122.3b), up 16.2%.  

The insurance sector's solvency remained strong, with a comprehensive solvency ratio of 195.5% and a core solvency ratio of 132.4% as of the end of Q2 2024.  

($1.00 = RMB7.14)