China’s two top insurers to report increased profitsMarch 20 2018 by InsuranceAsia News Staff
Two major insurers in China are set this week to report significantly higher profits for last year.
Ping An Insurance, the country’s second-largest insurer in terms of premium, is expected to report a 22% profit rise for 2017 on Tuesday.
The increase comes at a time when the company is pushing ahead with fintech and spin-off plans for its Ping An Healthcare and Technology portal, Good Doctor, as well as its online wealth management platform Lufax, according to brokers.
The country’s biggest insurer, China Life Insurance, is seen to log a 68% leap in profit for last year, based on analysts’ estimates.
In a report, Credit Suisse noted that the planned combination of the banking and insurance regulators in China will strengthen regulatory oversight and benefit Ping An and China Life.
- October 18
The State Council has scrapped foreign shareholding limits for banks and insurers, effective immediately.
- October 11
The OIC should be given more independence, says the IMF in its latest assessment.
- October 11
The country's regulatory body will delay by one year the adoption of the new global accounting standards.
- October 10
The Hong Kong insurer has teamed up with the founder of Hillhouse Capital.