China continues to have an economy that is growing at about 6 to 6.5% over the next three years and about 5-6% for a few years afterward. China’s middle and affluent classes continue to grow. This has and will continue to see a growing insurance and financial market. China is shifting from family and village support to insurance and other developed approaches.
China’s health and life insurance markets will more than double by 2030. It will likely double by about 2026 from 2017 levels.
China’s top for insurance companies are:
1. China Life maintains a substantial nationwide service network, with nearly 750,000 dedicated agents and more than 60,000 service outlets. In 2015, China Life’s customer base approached a combined 200 million people in individual and group life insurance policies, long-term health insurance policies and annuities. China Life has 70% government ownership.
2. Ping An employs more than 225,000 full-time employees and partners with more than 625,000 sales agents across China. In 2015, Ping an had 89 million customers across its business units. In 2017, China’s Ping An Insurance Group ranks first among insurers in Forbes global 2000, moving up from overall spot #20 last year to #16 on this year’s list. Over the 12 months to April 7, when Global 2000 data was locked in, Ping An generated $106.6 billion in revenue, $9.5 billion in profits and its market capitalization stood at $100.8 billion. The tech-driven company boasted of 131 million customers at year-end 2016, up 20% from the beginning of the year, with nearly a quarter of the newcomers coming in online.
The insurer has long focused on technology as the backbone of its business, backing companies like Chinese online lender Lufax and developing mobile health apps such as Good Doctor, through which users can consult physicians.
Ping An “is going to be a data business,” Mr. Larsen said, noting that the company has 20,000 tech developers and platforms that run on blockchain and research in voice and facial recognition.
In 1994, Morgan Stanley and Goldman Sachs had bought into Ping An, but that the percentage ownership has changed. The various ownership has stayed financially sophisticated.
3. China Pacific Insurance Group is an integrated insurance provider offering property and casualty insurance, life insurance and reinsurance products, as well as asset management and investment services. The company counts more than 300,000 agents across its businesses and serves about 80 million customers across the country.
4. People’s Insurance Company of China Group was established in 1949. Today, its subsidiaries count more than 300 million customers in property and casualty insurance, life insurance, health insurance, and real estate.