China's reopening after the COVID-19 pandemic is expected to help life insurance business and profitability recover although earnings will remain challenged by unstable global capital markets, says Fitch Ratings.
Ten bank-affiliated life insurance companies realised a total of CNY343.07bn (49.7%) in premium income, a year-on-year increase of 9.7% from CNY312.63bn in 2021, according to an analysis of the insurers' 4Q2022 solvency reports and 2022 annual reports.
Prudential Vietnam has reported the highest profit in 2022 in the insurance industry. Its post-tax profit in 2022 grew 7.7 times compared with the year before, reaching VND3.64tn ($155.3m), according to financial reports filed by insurers.
MSIG Insurance and The Hongkong and Shanghai Banking Corporation (HSBC) have entered into a 15-year general insurance distribution agreement.
Hang Seng Bank and Chubb have entered into an exclusive 15-year distribution agreement under which Chubb will provide Hang Seng banking customers with a comprehensive range of personal and commercial general insurance products and solutions in Hong Kong.
The professional intermediary channel business including insurance brokerage has become the third largest distribution for life insurance companies in China after the personal agent and bancassurance channels. It is expected to develop at a relatively fast speed in the next few years.
Finance Minister Ho Duc Phoc has ordered the authorities to inspect insurance sales in the wake of complaints that banks are forcing customers to buy life insurance when the latter seek a loan.
Insurance companies in Nigeria can now partner with more than one bank, according to the revised bancassurance guidelines released by the National Insurance Commission (NAICOM).
A corporate agent may now be associated with up to 27 insurers -- that is nine each in the three branches, that is, life, health and general insurance companies.
The Vietnamese bancassurance market is heating up with a notable exclusive bancassurance agreement signed between LienVietPostBank and Dai-ichi Life Insurance Co of Vietnam (Dai-ichi Life Vietnam).