China Life corners 59.2% of Macau’s insurance sectorAugust 27 2015 by InsuranceAsia News Staff
China Life Insurance increased its share in Macau’s life insurance sector to 59.2% during the first half of this year from 41.96%.
According to data released by AMCM, the Monetary Authority of Macau, the overall life insurance market in Macau expanded 72% year-on-year during the first half to Pt5.65 billion ($707 million) from Pt3.29 billion.
The AMCM data showed that China Life’s share grew faster than any other in the market, cornering Pt3.35 billion in gross premiums.
The second largest player, AIA International, saw its market share fall to 21.78% in the first half from last year’s 29.63%. AXA China, which takes the last spot in the sector, also saw a decline in its market share, from 6.91% last year to 5.71%.
- January 18
The majority purchase of the former ING Life Korea business will give the group its second life insurer.
- January 14
There is a bidding war for a 23% stake of Canara HSBC Oriental Bank of Commerce Life.
- January 9
General manager Lance Tay says the firm will focus on the "mass affluent" after a surge in demand.
- January 3
Mark O'Dell tasked with helping take the market to the next level.