China: Giant life insurers see reshuffle in rankings – Asia Insurance Review
China’s seven biggest life insurers posted a combined premium income of about CNY1.86tn ($292bn), a year-on-year increase of 1%, according to statements released by the insurers.
Looking at the rankings of the top seven life insurers, in terms of premiums, the top three retained their positions in 2021 as compared to 2020. So too did seventh-placed PICC Life.
Taikang Life jumped from sixth place in 2020 to fourth position in 2021. The insurer’s premium income stood at CNY164.8bn last year, reflecting rapid growth of 14.5% year on year and making Taikang Life the fastest-growing insurer among the seven companies.
Both New China Insurance and Taiping Life fell one position in 2021 compared to 2020.
Industry analysts say that annuity plans linked to elderly care communities targeting mid-to-high-end customers continued to grow rapidly in recent years, becoming an important source of Ping An Life’s business growth.
China’s seven biggest life insurers are ranked in 2021 as follows:
Company
Premium income
CNY m
Y-o-Y
change
Rank
2021
2020
%
2021
2020
China Life
620,000
612,900
1.16
1
1
Ping An Life
457,000
476,100
-4.02
2
2
China Pacific Life
209,600
208,500
0.53
3
3
Taikang Life
164,800
144,000
14.44
4
6
New China Life
163,500
159,500
2.51
5
4
Taiping Life
148,700
144,400
2.98
6
5
PCC Life
96,800
96,200
0.62
7
7
Total
1,860,400
1,841,600
1.02
Source: Securities Times
