China Pacific Insurance (Group) Co (CPIC) has posted GWP of CNY362.06bn ($55.27bn) in 2020, a growth of 4.2% compared with 2019. Group operating profit after tax grew by 11.7% to CNY31.14bn last year, although group net profit reached CNY24.58bn, down by 11.4%.
Net profits in the non-life insurance sector in 2020 rose by 5% compared to 2019, largely because of a lower effective tax rate, according to Topline Securities. The analysis is based on the financial results of 12 listed insurance companies which in aggregate account for 83% of the capitalisation of the non-life insurance market.
China's five largest listed insurance companies last year posted a combined net profit of CNY252.3bn ($38.4bn) attributable to equity holders, representing a decline of 7.37% compared to 2019.
HSBC Life Insurance has reported a net profit of CNY656,000 ($100,000) for 2020, a 95.5% plunge compared to profits of CNY14.7m for 2019, according to data compiled from the insurer's quarterly solvency reports by Investment Times.
Sino-foreign joint venture Pramerica Fosun Life Insurance has recorded premium income of CNY2.59bn ($394m) in 2020, representing a sharp fall of 36.4% compared to 2019.
Islamic life and health takaful provider Takaful Emarat, has posted a net comprehensive income reaching AED7m ($1.9m) for 2020, compared to an AED37.8m loss recorded in 2019 and profits of AED14m in 2018.
Malaysian Re released the second issue of its Malaysian Insurance Highlights 2020 in late February, covering the development of the insurance industry throughout the year - examining the impact of the COVID-19 pandemic on Malaysia's economy and its insurance markets. We spoke to president and CEO Zainudin Ishak about the results and its implications on the industry's future.
Lloyd's yesterday announced an aggregated market loss of GBP0.9bn ($1.2bn) for 2020 (2019: GBP2.5bn profit), including net incurred COVID-19 losses of GBP3.4bn after reinsurance recoveries.
Major life insurer New China Insurance (NCI) posted a 17.2% increase in pre-tax profits to CNY15.49bn ($2.36bn) for 2020, compared to 2019, despite the COVID-19 pandemic.
One of Morocco's leading insurers, Wafa Assurance, has reported a sharp drop of 37.7% in net profit to MAD404m for 2020 compared to 2019, according to the company's financial statements.