China’s life insurance dips further in October
Its total premium income fell 8% YoY.
China's life insurance sector experienced a further slowdown in premium growth in October 2023.
This deceleration, marked by an 8% year-on-year (YoY) decrease in total premium income for covered life insurers, is attributed to new bancassurance commission rules and a shift in product offerings, according to a note by Nomura.
This decline follows a 6% dip in performance for September, a 3% growth in 3Q23, and a 5% YoY increase in the first 10 months of 2023.
The new bancassurance commission rule, coupled with changes in product strategies, particularly the ban on saving products with a 3.5% pricing rate in July, contributed to this trend.
All covered insurance companies reported declines in premiums during this period.
On the other hand, the Property & Casualty (P&C) insurance segment remained largely stable during this period.