China insurance assets rise 13.9% to $5.03t in Q4 2024

Property and casualty insurers recorded $406b in assets.

Total assets held by China’s insurance companies and insurance asset management firms reached $5.03t (RMB 35.9t) in the final quarter of 2024 (Q4 2024), marking an increase 13.9% year-on-year (YoY), according to the National Financial Regulatory Administration.

Personal insurance companies accounted for the majority of the sector’s assets at $4.42t (RMB 31.6t), up 15.3% YoY. 

Property and casualty insurers recorded $406b (RMB 2.9t) in assets, a 4.3% increase. 

Reinsurance companies’ assets stood at $115.91b (RMB 827.9b), up 10.8% YoY, whilst insurance asset management companies held $17.88b (RMB 127.7b), up 8.5% YoY.

Primary insurance premium income for the year totalled $798b (RMB 5.7t), reflecting a 5.7% YoY increase. 

Claim and benefit payments rose significantly by 19.4% to $322b (RMB 2.3t). 

A total of 103.8b new insurance policies were written during the year, up 37.6% YoY.

The solvency position of the sector remained adequate. As of the end of Q4 2024, the comprehensive solvency ratio stood at 199.4%, with a core solvency ratio of 139.1%.

Property and casualty insurers posted a comprehensive solvency ratio of 238.5% and a core ratio of 209.2%. 

Personal insurers recorded 190.5% and 123.8% respectively, whilst reinsurers reported 254.2% and 221.2%.

($1.00 = RMB7.20)