China

The insurer sees ROE to rise 5% end-2024.

Pension and health products are expected to account for 50% of the market by 2035.

Fitch also forecasts a decline in underwriting profitability through 2024 due to rising claims.

The planned expansions may tap into an additional 100 million potential customers.

Under IFRS 17 and IFRS 9, consolidated capital and surplus rose by 4.8% to $14.4b.

China's insurance sector has maintained steady operation and adequate solvency in the third quarter, according to the National Financial Regulatory Administration.

The notice said banking institutions should continuously optimise financial services.

Over the past three years, the company’s combined ratio averaged 98%.

It’s risk-based capitalisation was supported by increased retained earnings.

It also plans to establish a regulatory framework for its supervision.

AM Best expects ZhongAn’s to continue facing challenges from investment fluctuations.

The company’s 2023 capital and surplus was driven by underwriting and investment income.

China’s fast assets growth last year attracted both parties.

It has reduced its high-risk asset holdings from 48% to 24% of its investment portfolio.

The sector has been named as one of the five key areas for financial sector growth in China.

It is the second most populous province in mainland China.