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%.
- June 1
The change for life insurance JVs is proposed in the latest draft regulatory amendments under consideration.
- May 24
Dwindling sales of savings-type products and weaker investment returns are reducing income.
- May 14
Linked policies recorded the highest growth, up 82% from the same period last year.
- May 2
Shareholders will carry out a detailed evaluation of shortlisted bidders over the next couple of weeks.