https://www.scmp.com/rss/195710/feed Beijing-based China Life Insurance Co provides life insurance and annuity products. It listed in December 2003, raising US$3.5 billion. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Zhang Shidong Zhang Shidong China has appointed a senior sovereign wealth fund executive as a deputy head of its securities regulator, in the latest leadership reshuffle aimed at steadying the country’s capital markets. Liu Haoling was named vice-chairman of the China Securities Regulatory Commission (CSRC) by the State Council, according to a statement posted on the agency’s website on Wednesday. He was also appointed to the regulator’s Communist Party committee. It was not immediately clear which portfolios Liu would... https://www.scmp.com/business/china-business/article/3351878/china-names-liu-haoling-csrc-deputy-amid-market-stabilisation-push?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3351878/china-names-liu-haoling-csrc-deputy-amid-market-stabilisation-push?utm_source=rss_feed Wed, 29 Apr 2026 11:09:46 +0000 Enoch Yiu Enoch Yiu Mainland China’s insurance companies have emerged as major cornerstone investors in Hong Kong initial public offerings (IPOs) as they seek higher returns and benefit from Beijing’s policy support for insurers to invest in equity markets. Ping An Insurance (Group), Taikang Life Insurance, New China Life Insurance, Dajia Life Insurance and China Post Life Insurance were among the key players that invested more than US$250 million across about 11 IPOs so far this year, according to UBS data. Their... https://www.scmp.com/business/banking-finance/article/3350821/hong-kong-ipos-lure-mainland-china-insurers-seeking-higher-returns?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3350821/hong-kong-ipos-lure-mainland-china-insurers-seeking-higher-returns?utm_source=rss_feed Wed, 22 Apr 2026 00:30:08 +0000 Zhang Shidong Zhang Shidong Mainland Chinese investors extended their buying spree of Hong Kong stocks in March, looking past the turmoil triggered by the US-Israel war on Iran and betting that Chinese assets would be able to withstand the oil shock. Onshore traders bought HK$61.4 billion (US$7.8 billion) of the city’s stocks through the cross-border exchange link programme last month, marking a third consecutive month of net inflows, data from the Hong Kong stock exchange and Bloomberg showed. The buying came even as the... https://www.scmp.com/business/china-business/article/3348758/chinese-traders-shrug-volatility-buy-hong-kong-stocks-third-straight-month?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3348758/chinese-traders-shrug-volatility-buy-hong-kong-stocks-third-straight-month?utm_source=rss_feed Thu, 02 Apr 2026 06:00:12 +0000 Julie Zhang Julie Zhang China’s state-backed investors are stepping up funding for artificial intelligence-driven drug developers as Beijing pushes for technological self-reliance, with at least one company already advancing an AI-designed therapy into late-stage clinical trials. Hangzhou-based METiS TechBio, founded in 2020, raised 400 million yuan (US$57.9 million) in series D financing in August last year, led by the Beijing Medical and Health Industry Investment Fund and the Daxing Industrial Investment Fund – both... https://www.scmp.com/business/banking-finance/article/3343151/capital-injection-china-backs-ai-drug-makers-self-reliance-drive?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3343151/capital-injection-china-backs-ai-drug-makers-self-reliance-drive?utm_source=rss_feed Wed, 11 Feb 2026 06:00:13 +0000 Yating Yang Yating Yang A recruiter from a major state-owned insurance company sparked controversy by telling a job candidate that they did not deserve weekends off because they only held a bachelor’s degree. The incident came to public attention on January 18, when a jobseeker from Urumqi, in the Xinjiang Uygur autonomous region of northwestern China, revealed details of the interview online. The applicant said that a recruiter on the job platform Boss Zhipin, a publicly listed Chinese company specialising in online... https://www.scmp.com/news/people-culture/article/3340815/china-recruiter-slammed-telling-candidate-no-weekends-holding-bachelors-degree?utm_source=rss_feed https://www.scmp.com/news/people-culture/article/3340815/china-recruiter-slammed-telling-candidate-no-weekends-holding-bachelors-degree?utm_source=rss_feed Sat, 31 Jan 2026 01:00:09 +0000 Yating Yang Yating Yang A Chinese woman who bought a “love insurance” policy for 199 yuan (US$28) in 2016 claimed a 10,000-yuan (US$1,400) payout ten years later. The payout came after she and her partner officially registered their marriage in 2025, following a decade long relationship. The woman surnamed Wu from Xian, Shaanxi province in central China, met her husband, surnamed Wang, in secondary school. The pair began dating and officially entered a relationship in 2015 after enrolling at the same university. They... https://www.scmp.com/news/people-culture/trending-china/article/3339009/china-woman-buys-us28-love-insurance-claims-us1400-when-she-gets-married-decade-later?utm_source=rss_feed https://www.scmp.com/news/people-culture/trending-china/article/3339009/china-woman-buys-us28-love-insurance-claims-us1400-when-she-gets-married-decade-later?utm_source=rss_feed Tue, 13 Jan 2026 01:00:12 +0000 Zhang Shidong Zhang Shidong Hong Kong stocks rose by the most in nearly three weeks on Thursday, tracking gains in global markets as dip-buying kicked in after a sell-off triggered by jitters over elevated valuations of technology companies. The Hang Seng Index rallied 2.1 per cent to 26,485.90 at the close, the biggest gain since October 20. The Hang Seng Tech Index advanced 2.7 per cent. On the mainland, the CSI 300 Index climbed 1.4 per cent and the Shanghai Composite Index rose 1 per cent. Chinese chipmaker... https://www.scmp.com/business/china-business/article/3331703/hong-kong-stocks-snap-2-day-decline-dip-buying-offsets-global-sell?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3331703/hong-kong-stocks-snap-2-day-decline-dip-buying-offsets-global-sell?utm_source=rss_feed Thu, 06 Nov 2025 02:44:26 +0000 Zhang Shidong Zhang Shidong Hong Kong stocks rose on Wednesday, halting the benchmark’s longest stretch of declines since January 2024, as growing expectations of a Federal Reserve interest rate cut this month helped offset concerns over renewed tensions between China and the US. The Hang Seng Index gained 1.8 per cent to 25,910.60 at the close, rebounding from a nearly 7 per cent drop over the past seven trading sessions. The Hang Seng Tech Index rallied 2.6 per cent. On the mainland, the CSI 300 Index advanced 1.4 per... https://www.scmp.com/business/china-business/article/3329050/hong-kong-stocks-halt-longest-losing-streak-2024-hopes-fed-rate-cut?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3329050/hong-kong-stocks-halt-longest-losing-streak-2024-hopes-fed-rate-cut?utm_source=rss_feed Wed, 15 Oct 2025 02:47:08 +0000 Danny Mok Danny Mok Hong Kong’s anti-graft agency has charged six individuals, including two police officers and a solicitor, on suspicion of deceiving two insurers out of HK$3 million (US$385,400) in payments. Police sergeant Lam Hin-ho, 36, allegedly recruited family members, friends and colleagues to pose as insurance agents and policyholders and take out 20 bogus policies using false information to deceive the insurers into releasing payments of commissions, bonuses and allowances, the Independent Commission... https://www.scmp.com/news/hong-kong/law-and-crime/article/3328282/police-officers-solicitor-among-6-charged-over-hk3-million-insurance-scam?utm_source=rss_feed https://www.scmp.com/news/hong-kong/law-and-crime/article/3328282/police-officers-solicitor-among-6-charged-over-hk3-million-insurance-scam?utm_source=rss_feed Wed, 08 Oct 2025 15:58:32 +0000 Zhang Shidong Zhang Shidong Hong Kong stocks started the week on a solid note on Monday, as the benchmark gauge ended a four-day streak of declines on hopes that a worsening US job market would lead to an interest-rate cut and leave more room for China to ease its monetary policy to bolster growth. The Hang Seng Index rose 0.9 per cent to 24,733.45 at the close. The Hang Seng Tech Index gained 1.6 per cent. On the mainland, the CSI 300 Index climbed 0.4 per cent, and the Shanghai Composite Index added 0.7 per cent. New... https://www.scmp.com/business/china-business/article/3320626/hong-kong-stocks-snap-4-day-decline-us-jobs-data-fuels-fed-rate-cut-bets?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3320626/hong-kong-stocks-snap-4-day-decline-us-jobs-data-fuels-fed-rate-cut-bets?utm_source=rss_feed Mon, 04 Aug 2025 02:31:30 +0000 Zhang Shidong Zhang Shidong Hong Kong stocks started the week on a solid note as investors expected a US-China tariff pause would be extended and after the US and the European Union (EU) agreed on a trade deal, moves that could prevent the global economy from slipping into a recession. The Hang Seng Index rose 0.7 per cent to 25,662.13 at the close on Monday, while the Hang Seng Tech Index dropped 0.2 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index gained at least 0.1 per cent. AIA Group led... https://www.scmp.com/business/china-business/article/3319782/hong-kong-stocks-kick-trading-strong-note-after-us-eu-trade-deal?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3319782/hong-kong-stocks-kick-trading-strong-note-after-us-eu-trade-deal?utm_source=rss_feed Mon, 28 Jul 2025 02:29:38 +0000 Zhang Shidong Zhang Shidong Hong Kong stocks continued their stellar run on Thursday, with the benchmark hitting a three-year high for the fourth time this week as investors bet against a global trade war thanks to progress towards a tariff deal between the US and the European Union (EU). The Hang Seng Index rose 0.5 per cent to 25,667.18 at the close, the highest level since November 16, 2021. The benchmark’s five-day advance was the longest since May. The Hang Seng Tech Index slipped 0.1 per cent. On the mainland, the... https://www.scmp.com/business/markets/article/3319359/hong-kong-stocks-hold-3-year-high-hope-trade-agreement-between-us-and-eu?utm_source=rss_feed https://www.scmp.com/business/markets/article/3319359/hong-kong-stocks-hold-3-year-high-hope-trade-agreement-between-us-and-eu?utm_source=rss_feed Thu, 24 Jul 2025 02:25:27 +0000 Zhang Shidong Zhang Shidong The run-up that drove Hong Kong stocks to the highest level in more than three and a half years continued on Wednesday after the US pencilled in a fresh round of trade talks with China for next week and clinched a deal with Japan, reducing concerns about damage to the global economy and corporate earnings. The Hang Seng Index rose for a fourth day, gaining 1.6 per cent to 25,538.07 for the highest close since November 17, 2021. The Hang Seng Tech Index gained 2.5 per cent. On the mainland, the... https://www.scmp.com/business/china-business/article/3319216/hong-kong-stocks-sustain-3-year-high-level-headway-trade-talks-spurs-optimism?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3319216/hong-kong-stocks-sustain-3-year-high-level-headway-trade-talks-spurs-optimism?utm_source=rss_feed Wed, 23 Jul 2025 02:24:07 +0000 Zhang Shidong Zhang Shidong Hong Kong stocks rose on Friday, paring the week’s losses as China’s decision to stand pat on a benchmark interest rate offered optimism that a recovery in the world’s second-largest economy would hold up. The Hang Seng Index climbed 1.3 per cent to 23,530.48 at the close. The Hang Seng Tech Index gained 0.9 per cent. On the mainland, the CSI 300 Index added 0.1 per cent, and the Shanghai Composite Index slipped 0.1 per cent. Among leading gainers on the benchmark, sportswear maker Li Ning... https://www.scmp.com/business/china-business/article/3315143/hong-kong-stocks-gain-pbocs-benchmark-rate-choice-spurs-optimism-economy?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3315143/hong-kong-stocks-gain-pbocs-benchmark-rate-choice-spurs-optimism-economy?utm_source=rss_feed Fri, 20 Jun 2025 02:23:23 +0000 Zhang Shidong Zhang Shidong Hong Kong stocks kicked off the week with a gain on Monday after soft economic data and declining home prices in mainland China increased bets on more forceful policy support. The Hang Seng Index rose 0.7 per cent to 24,060.99 at the close, ending a two-day decline triggered by the military strikes in the Middle East. The Hang Seng Tech Index gained 1.2 per cent. On the mainland, the CSI 300 Index advanced 0.3 per cent, and the Shanghai Composite Index added 0.4 per cent. Gold jeweller Chow Tai... https://www.scmp.com/business/china-business/article/3314547/hong-kong-stocks-waver-chinas-mixed-economic-data-drug-companies-lead-decline?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3314547/hong-kong-stocks-waver-chinas-mixed-economic-data-drug-companies-lead-decline?utm_source=rss_feed Mon, 16 Jun 2025 02:33:26 +0000 Yulu Ao Yulu Ao Indebted Chinese developer Sino-Ocean Group won approval for its restructuring plan from a UK court on Monday despite objections from some creditors, potentially paving the way for it to prevail in a liquidation lawsuit in Hong Kong. London’s high court approved the builder’s offshore restructuring proposal, which allows the state-backed company to overhaul some US$6 billion in debt. The proposal, first unveiled in July, was opposed by an ad hoc group of creditors. The developer, which counts... https://www.scmp.com/business/china-business/article/3297288/chinese-developer-sino-oceans-debt-plan-wins-court-approval-uk?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3297288/chinese-developer-sino-oceans-debt-plan-wins-court-approval-uk?utm_source=rss_feed Tue, 04 Feb 2025 07:30:08 +0000 Yuke Xie Yuke Xie Beijing has unveiled a second list of insurance companies taking part in an initiative to stabilise and bolster the stock market by injecting long-term capital. The National Financial Regulatory Administration (NFRA), an agency under the State Council that oversees the financial sector, has approved the second batch of long-term-equity investment pilot projects, worth 52 billion yuan (US$7.2 billion), state media reported on Sunday. The list includes China Pacific Insurance, Taikang Life... https://www.scmp.com/business/markets/article/3296418/beijing-unveils-us72-billion-injection-insurer-capital-stocks?utm_source=rss_feed https://www.scmp.com/business/markets/article/3296418/beijing-unveils-us72-billion-injection-insurer-capital-stocks?utm_source=rss_feed Mon, 27 Jan 2025 07:00:11 +0000 Enoch Yiu Enoch Yiu Life insurance sales in Hong Kong surged by 12 per cent in the first half to a record high as a buying spree continued among mainland visitors and wealthy individuals in Hong Kong. A world record policy also helped. New life insurance sales rose to HK$115.9 billion (US$14.9 billion) from the HK$103 billion reported in the same period last year, which itself was a record, according to the Insurance Authority. The level is the highest since the authority was established in 2016 and 16 per cent... https://www.scmp.com/business/banking-finance/article/3276563/hong-kong-life-insurance-sales-hit-record-driven-buyers-china-and-jumbo-policy?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3276563/hong-kong-life-insurance-sales-hit-record-driven-buyers-china-and-jumbo-policy?utm_source=rss_feed Fri, 30 Aug 2024 07:46:14 +0000 Yulu Ao Yulu Ao Embattled Chinese developer Sino-Ocean Group faces the risk of liquidation amid challenges to secure enough consent votes on a restructuring proposal, as a key bondholder group is “strongly opposed” to it. Linklaters, the legal adviser for an ad hoc group of bondholders, organised a meeting on Wednesday to advocate a veto of the developer’s proposal, asking creditors not to sign the restructuring support agreement (RSA), the Post has learned. The ad hoc group constitutes more than 25 per cent of... https://www.scmp.com/business/china-business/article/3272053/bondholders-strongly-oppose-chinese-developer-sino-oceans-debt-revamp-plan?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3272053/bondholders-strongly-oppose-chinese-developer-sino-oceans-debt-revamp-plan?utm_source=rss_feed Fri, 26 Jul 2024 10:46:28 +0000 Two state-backed Chinese insurance firms plan to launch a joint 50 billion yuan (US$7 billion) private fund to invest in yuan-denominated shares as policymakers ramp up support for the struggling stock market. New China Life Insurance and China Life Insurance will each invest 25 billion yuan in the fund that will be managed by a joint venture called Honghu Private Securities Investment Fund, New China Life said in a statement to the Shanghai exchange on Wednesday night. The plan is subject to... https://www.scmp.com/business/china-business/article/3243308/chinas-top-insurers-launch-us7-billion-fund-invest-onshore-shares-sign-rising-state-support?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3243308/chinas-top-insurers-launch-us7-billion-fund-invest-onshore-shares-sign-rising-state-support?utm_source=rss_feed Thu, 30 Nov 2023 03:40:32 +0000 Sino-Ocean Group Holdings, carrying more than US$12 billion of borrowings, is seeking a 12-month reprieve to redeem a local bond due next week, after some creditors filed a notice demanding full repayment. The state-backed developer offered to repay a 2 billion yuan bond (US$280 million) due on August 2 in instalments spread over 12 months, at the same 4 per cent annual coupon, it said in a Hong Kong stock exchange filing on Tuesday. The firm also sought to insert a 15-day grace period on each... https://www.scmp.com/business/china-business/article/3228859/chinese-developer-sino-ocean-seeks-12-month-reprieve-repay-us280-million-bond-amid-liquidity-squeeze?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3228859/chinese-developer-sino-ocean-seeks-12-month-reprieve-repay-us280-million-bond-amid-liquidity-squeeze?utm_source=rss_feed Tue, 25 Jul 2023 10:00:03 +0000 Ongoing reforms to China’s challenged retirement system present big opportunities for global asset managers wanting to tap into the 28 trillion yuan (US$3.8 trillion) potential market, according to a joint report by KPMG China and the Asia Securities Industry and Financial Markets Association (ASIFMA). China’s pension system is in urgent need of reform, as the current framework is unable to cope with the needs of an increasingly elderly population, Eugenie Shen, head of ASIFMA Asset Management... https://www.scmp.com/business/banking-finance/article/3225383/chinas-private-pension-market-could-be-us969-billion-opportunity-foreign-firms-2030-kpmg-report?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3225383/chinas-private-pension-market-could-be-us969-billion-opportunity-foreign-firms-2030-kpmg-report?utm_source=rss_feed Mon, 26 Jun 2023 07:16:03 +0000 Chinese insurance stocks have emerged as new bets for traders, with the sector posting its best first-quarter result since 2018 amid increased demand for insurance products and better investment returns. A gauge of five insurers trading on the Shanghai Stock Exchange has risen 22 per cent since the start of April, according to data compiler Shanghai DZH. The benchmark Shanghai Composite Index has gained about 2 per cent in the same time span. The outperformance came after the five listed... https://www.scmp.com/business/china-business/article/3219494/chinese-insurance-stocks-back-favour-after-sector-delivers-best-first-quarter-result-five-years?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3219494/chinese-insurance-stocks-back-favour-after-sector-delivers-best-first-quarter-result-five-years?utm_source=rss_feed Fri, 05 May 2023 08:00:09 +0000 More state-owned enterprises (SOEs) are expected to delist from the US capital markets, deepening an exodus arising from a regulatory impasse between Beijing and Washington. The voluntary delisting of five SOEs – the oil giants Sinopec, its entity Sinopec Shanghai Petrochemical and PetroChina, China Life Insurance and Aluminum Corporation of China – from the New York Stock Exchange could pave the way for further exits, according to analysts. Their decision to apply for delisting at the same time... https://www.scmp.com/business/banking-finance/article/3188991/more-chinese-state-owned-companies-expected-delist-us?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3188991/more-chinese-state-owned-companies-expected-delist-us?utm_source=rss_feed Mon, 15 Aug 2022 23:30:29 +0000 China’s top insurers reported a slump in performance last quarter as their investment books suffered from stock losses triggered by strict Covid-19 lockdowns to combat the Omicron wave. Measures to restructure their agency force will weigh on the outlook. Ping An Insurance, the nation’s biggest, suffered a 24 per cent drop in earnings to 20.7 billion yuan (US$3.1 billion) from a year earlier, mainly due to volatile capital markets as yields from its 4.1 trillion yuan (US$620 billion) investment... https://www.scmp.com/business/banking-finance/article/3176238/market-losses-shake-earnings-ping-china-life-insurance-and?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3176238/market-losses-shake-earnings-ping-china-life-insurance-and?utm_source=rss_feed Mon, 02 May 2022 09:00:21 +0000 Some Chinese insurers have revived their Covid-19 insurance products on e-commerce platforms to cover for medical costs and death, as financial pressure mounts following a recent surge in infections. Public Mutual Insurance Corp is offering a new version of a previous policy that is designed to pay 200 yuan (US$31.40) per day during quarantine under certain conditions. Hong Kong-listed ZhongAn Online P&C Insurance revised a similar product with a similar payout for people required to quarantine... https://www.scmp.com/business/banking-finance/article/3173166/china-lockdowns-insurers-revive-quarantine-insurance?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3173166/china-lockdowns-insurers-revive-quarantine-insurance?utm_source=rss_feed Wed, 06 Apr 2022 06:30:20 +0000 In a boost for overseas insurance companies, China is set to scrap a cap on foreign ownership of insurance asset management companies under draft rules announced on Friday. The China Banking and Insurance Regulatory Commission (CBIRC) will scrap a 25 per cent foreign ownership cap for such companies, paving the way for foreign investors to raise their stakes to 100 per cent and assume control. The regulator said it would collect public opinion on the rule change for a month. “The relaxation will... https://www.scmp.com/business/banking-finance/article/3159230/china-scrap-foreign-ownership-cap-firms-managing-us29?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3159230/china-scrap-foreign-ownership-cap-firms-managing-us29?utm_source=rss_feed Fri, 10 Dec 2021 09:20:09 +0000 Government-backed investors will recapitalise China Huarong Asset Management after the bad-debt manager posted a record US$15.9 billion loss, ending months of speculation over whether Beijing would deem the troubled financial giant too big to fail. The rescue package unveiled on Wednesday, while thin on official details, suggests President Xi Jinping’s government is for now unwilling to allow a default by one of China’s most systemically important state-owned companies. It’s likely to boost... https://www.scmp.com/business/companies/article/3145606/huarong-gets-state-bailout-after-one-chinas-largest-bad-debt?utm_source=rss_feed https://www.scmp.com/business/companies/article/3145606/huarong-gets-state-bailout-after-one-chinas-largest-bad-debt?utm_source=rss_feed Thu, 19 Aug 2021 07:23:38 +0000 China Life Insurance said it would subscribe to 17.5 billion yuan (US$2.7 billion) of China Guangfa Bank’s shares to maintain its position as the largest stakeholder in its affilitate, as the Guangdong-based lender is poised to raise funds by issuing stock to new investors. China Life will buy about 2 billion shares of China Guangfa Bank at about 8.81 yuan each, a deal which would prevent its 43.7 per cent stake in the bank from being diluted. In total, China Life will invest no more than 17.5... https://www.scmp.com/business/banking-finance/article/3134947/china-life-insurance-buy-us27-billion-shares-affiliate?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3134947/china-life-insurance-buy-us27-billion-shares-affiliate?utm_source=rss_feed Wed, 26 May 2021 11:39:34 +0000 This is the 11th in a series of stories about China’s once-a-decade census, which was conducted in 2020. The world’s most populous nation released its national demographic data on May 11, and the figures will have far-reaching social policy and economic implications. Some of China’s biggest insurers are relishing the opportunity to unlock US$15.3 trillion of private savings, the size of the world’s second-largest economy, as authorities pushed for private retirement products to help ease the... https://www.scmp.com/business/banking-finance/article/3134049/china-turns-private-insurers-help-unlock-us153-trillion?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3134049/china-turns-private-insurers-help-unlock-us153-trillion?utm_source=rss_feed Wed, 19 May 2021 08:35:02 +0000 Chinese companies may be growing in financial stature, ranking among the world’s biggest, but when it comes to brand appeal they fare poorly, according to FutureBrand Index. Kweichow Moutai, the maker of fiery baijiu liquor, was the only Chinese company to rank among the top 10 on the FutureBrand Index, landing in fifth spot. And even this ranking was a decline of three notches from second place in the previous survey in 2018. Now in its sixth year, FutureBrand Index is a global perception study... https://www.scmp.com/business/investor-relations/article/3096346/worlds-most-admired-companies-chinese-behemoths-find?utm_source=rss_feed https://www.scmp.com/business/investor-relations/article/3096346/worlds-most-admired-companies-chinese-behemoths-find?utm_source=rss_feed Thu, 06 Aug 2020 12:27:36 +0000 Xiao Li was devastated when she was diagnosed last June with breast cancer. The cost of treatment, at 70,000 yuan (US$9,913) a year, is about 40 per cent more than what she and her husband bring home as factory workers in central China’s Shaanxi province. “I cried,” the 35-year old mother of two said in an interview by email. “While cancer can be treated, the medical cost is just so high that my family simply could not afford it.” Thanks to Xiang Hu Bao, though, Xiao’s medical bill was... https://www.scmp.com/business/china-business/article/3078273/technology-turbocharges-chinas-access-health-insurance-amid?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3078273/technology-turbocharges-chinas-access-health-insurance-amid?utm_source=rss_feed Sat, 04 Apr 2020 04:00:10 +0000 China Life Insurance, the nation’s second-largest insurer, posted an almost threefold increase in profit for the first nine months, as a run-up in stocks bolstered investment gains and premium incomes rose. Net income for the first three quarters jumped 190 per cent from a year ago to 57.7 billion yuan (US$8.2 billion) based on the Chinese accounting standard, the insurer said in an exchange statement. The value of new business, a gauge of future profitability, grew by 20 per cent in the period,... https://www.scmp.com/business/companies/article/3035397/china-lifes-profit-jumps-almost-three-fold-first-nine-months?utm_source=rss_feed https://www.scmp.com/business/companies/article/3035397/china-lifes-profit-jumps-almost-three-fold-first-nine-months?utm_source=rss_feed Tue, 29 Oct 2019 11:15:09 +0000 Chinese insurers are benefiting from Beijing’s deleveraging drive, as a scarcity of long-term funds helps them seal commercial property deals. Chinese commercial banks’ funding of the property sector has been clipped by the central government’s debt-reduction campaign, which has given insurers an upper hand when it comes to premier assets. China Life Capital Investment, the property investment arm of insurance giant China Life Insurance, is among the beneficiaries. “In the old days, some... https://www.scmp.com/property/hong-kong-china/article/3011073/china-lifes-property-investment-arm-among-funds-making-hay?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/3011073/china-lifes-property-investment-arm-among-funds-making-hay?utm_source=rss_feed Tue, 21 May 2019 04:20:16 +0000 Hong Kong needs to leverage its connection with the Greater Bay Area and develop more insurtech products to compete with regional cities such as Singapore or Shanghai as a life insurance hub, according to a report by the Financial Services Development Council (FSDC) released on Monday. “Singapore has numerous initiatives to support the development of insurtech, such as heavily sponsoring the development of innovation centres and relevant start-ups. Hong Kong, in comparison, has fewer of such... https://www.scmp.com/business/banking-finance/article/2178400/hong-kong-insurers-should-broaden-horizons-tap?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2178400/hong-kong-insurers-should-broaden-horizons-tap?utm_source=rss_feed Mon, 17 Dec 2018 23:02:39 +0000 Singapore Life said the increased investment this week from British billionaire Michael Spencer, who boost his stake in the firm to 63 per cent from 29 per cent, is a precursor to potentially more new investors. Singapore Life chief executive Walter de Oude told the Post that he will continue to channel investment into new technology to tap opportunities in internet-basesd services that increasingly straddle across insurance, asset management and banking. In January Singapore Life bought S$6... https://www.scmp.com/business/article/2176913/london-billionaire-michael-spencer-boosts-stake-singapore-life-63pc?utm_source=rss_feed https://www.scmp.com/business/article/2176913/london-billionaire-michael-spencer-boosts-stake-singapore-life-63pc?utm_source=rss_feed Fri, 07 Dec 2018 08:38:35 +0000 A weaker yuan and the new high-speed rail link brought more mainlanders to Hong Kong to buy life and health policies in the last quarter, a trend that local insurers expected to continue over the following months. British insurer Prudential, which has the largest insurance sales team in Hong Kong, saw income from the sale of life and health insurance policies to mainlanders increase by 23 per cent in the third quarter on year. “Mainlanders have returned to the market. We have seen an increase... https://www.scmp.com/business/banking-finance/article/2175480/hong-kong-insurance-policies-regain-sparkle-among-mainland?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2175480/hong-kong-insurance-policies-regain-sparkle-among-mainland?utm_source=rss_feed Thu, 29 Nov 2018 00:01:55 +0000 Insurance stocks fell on Monday, in the wake of super Typhoon Mangkhut reaping havoc across Hong Kong and southern China, and assessors say they are now expecting record-high claims, well exceeding HK$1 billion (US$127 million). The sector’s biggest faller was China Re, whose share price dropped 7 per cent on Monday morning to a one-year low of HK$1.4. ZhongAn Online P&C Insurance fell 4 per cent to HK$30.7, China Taiping lost 3 per cent to HK$24.8, Ping An Insurance dropped 2 per cent to... https://www.scmp.com/business/banking-finance/article/2164535/typhoon-mangkhut-damage-costs-expected-soar-insurance?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2164535/typhoon-mangkhut-damage-costs-expected-soar-insurance?utm_source=rss_feed Mon, 17 Sep 2018 07:47:12 +0000 China Life Insurance, the nation’s largest insurer in terms of premium income, is looking to new technology to boost sales and efficiency after reporting half-year profit that missed forecasts. The company has already teamed up with Chinese internet search giant Baidu to invest US$1 billion in artificial intelligence, blockchain and other start-ups, and wants to use the new technology to boost sales to remote areas, cut down usage of paper documents and help manage risks. “We are very keen on... https://www.scmp.com/business/companies/article/2161249/china-life-looks-new-technology-boost-insurance-sales-interim?utm_source=rss_feed https://www.scmp.com/business/companies/article/2161249/china-life-looks-new-technology-boost-insurance-sales-interim?utm_source=rss_feed Fri, 24 Aug 2018 10:19:13 +0000 Sun Life Global, the 14th largest listed life insurer globally by market cap, is considering increasing its shareholding in Chinese joint venture Sun Life Everbright Life Insurance, according to chief executive Dean Connor. We are bullish on China … Ultimately [achieving a shareholding of] 51 per cent, but even going from 25 per cent to 49 or 50 per cent would be nice Dean Connor, chief executive, Sun Life Global The firm, among Canada’s largest public companies, said there were a lot of... https://www.scmp.com/business/money/article/2153313/canadian-insurer-sun-life-considers-raising-stake-joint-venture-china?utm_source=rss_feed https://www.scmp.com/business/money/article/2153313/canadian-insurer-sun-life-considers-raising-stake-joint-venture-china?utm_source=rss_feed Mon, 02 Jul 2018 00:01:43 +0000 Hong Kong authorities are working with their mainland counterparts to establish a special channel for the marketing, sale and processing of insurance products, using a model pioneered in the Stock Connect, according to Insurance Authority chairman Moses Cheng Mo-chi. Cheng said he and Insurance Authority chief executive John Leung Chi-yan proposed the idea to the mainland’s banking and insurance regulator China Banking Insurance Regulatory Commission (CBIRC) during a meeting in May and received... https://www.scmp.com/business/companies/article/2152607/china-considering-insurance-connect-would-lower-barriers-hong?utm_source=rss_feed https://www.scmp.com/business/companies/article/2152607/china-considering-insurance-connect-would-lower-barriers-hong?utm_source=rss_feed Tue, 26 Jun 2018 12:00:00 +0000 There has been a record first-quarter fall in premiums spent by mainlanders on life insurance policies in Hong Kong, after Beijing imposed tighter curbs on capital outflows to clamp down on overseas buying. Mainland buyers spent HK$11.8 billion (US$1.5 billion) on life premiums in first three months of 2018, 37 per cent down from HK$18.8 billion in the same period last year, and less than half of the peak spending of HK$23.7 billion recorded in the fourth quarter of 2016, according to latest... https://www.scmp.com/business/companies/article/2148711/hong-kong-insurers-thumped-37pc-plummet-life-premiums-paid?utm_source=rss_feed https://www.scmp.com/business/companies/article/2148711/hong-kong-insurers-thumped-37pc-plummet-life-premiums-paid?utm_source=rss_feed Thu, 31 May 2018 22:30:26 +0000 Sino-Ocean Land, a company controlled by China Life Insurance, is buying Anbang Insurance’s equity stakes in a real estate venture in Beijing, becoming the first firm to swoop on major assets owned by the troubled Chinese insurer since the Chinese government took it over in February in the wake of former chairman and founder’s detention. The market appeared to applaud the deal, with Sino-Ocean shares jumping 2.9 per cent in Hong Kong to close at HK$5.65. The news coincided with Anbang founder Wu... https://www.scmp.com/business/companies/article/2145579/sino-ocean-first-swoop-anbang-assets-state-takeover?utm_source=rss_feed https://www.scmp.com/business/companies/article/2145579/sino-ocean-first-swoop-anbang-assets-state-takeover?utm_source=rss_feed Thu, 10 May 2018 10:57:54 +0000 China Life Insurance, the biggest insurer on the mainland, plans to use big data, artificial intelligence and the internet to expand its business after it reported a 68 per cent net profit growth for 2017, according to its senior executives. “We will invest more in our internet platform to access consumers in remote villages,” said Xu Hengping, vice-president of China Life at a press conference to announce the company’s results on Friday. “We will also use AI and big data to understand the... https://www.scmp.com/business/banking-finance/article/2138579/china-life-expand-technology-use-sell-more-policies-press-h?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2138579/china-life-expand-technology-use-sell-more-policies-press-h?utm_source=rss_feed Fri, 23 Mar 2018 06:14:34 +0000 China’s top two insurance companies are expected to report significantly higher profit when they announce full-year results this week. Ping An Insurance (Group), the country’s second largest insurer in terms of premium, is expected to report a 22 per cent profit increase for 2017 on Tuesday, even as it pushes ahead with fintech and spin-off plans of its Ping An Healthcare and Technology or Good Doctor, and online wealth management platform Lufax, according to brokers. China Life Insurance, the... https://www.scmp.com/business/banking-finance/article/2137694/ping-and-china-life-expected-report-improved-profits-2017?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2137694/ping-and-china-life-expected-report-improved-profits-2017?utm_source=rss_feed Sun, 18 Mar 2018 23:31:55 +0000 Shui On Land has struck a deal to sell almost half its stake in a portfolio of prime Shanghai property projects to China Life Insurance for 4.16 billion yuan (US$630 million), its latest move to pursue an “asset-light strategy”. The sale is expected to generate a gain of 1.2 billion yuan for the property developer founded by tycoon Vincent Lo Hong-sui, it said in a filing to Hong Kong’s bourse late on Tuesday. “In accordance with the ‘asset-light strategy’ which the Group has been pursuing since... https://www.scmp.com/business/companies/article/2124987/shui-sells-prime-shanghai-property-projects-china-life-4-billion?utm_source=rss_feed https://www.scmp.com/business/companies/article/2124987/shui-sells-prime-shanghai-property-projects-china-life-4-billion?utm_source=rss_feed Tue, 19 Dec 2017 23:04:15 +0000 All of China’s major non-life insurers and reinsurers are being required to hire a chief actuary by the end of 2019, in an apparent regulatory ramp up in corporate governance, according to an official government notice posted on Wednesday. China’s existing 84 non-life general insurers, and 12 reinsurers – or insurers of insurers – must have their chief actuary in place by January 1, 2020, said the China Insurance Regulatory Commission (CIRC), the mainland’s top insurance watchdog. All newly... https://www.scmp.com/business/companies/article/2122138/top-actuaries-chinas-insurers-have-jobs-you-96-them?utm_source=rss_feed https://www.scmp.com/business/companies/article/2122138/top-actuaries-chinas-insurers-have-jobs-you-96-them?utm_source=rss_feed Wed, 29 Nov 2017 10:01:32 +0000 Taipei-based China Life Insurance has bought a portion of Allianz’s Taiwanese business. Allianz Taiwan Life Insurance said on Thursday it had agreed to sell a part of its “traditional” life insurance portfolio to China Life in Taipei. The sum was not disclosed but the German insurance giant said it included 78,000 life policies with a guaranteed interest rate of 4 per cent or higher and policy reserves valued at 1.2 billion euros (US$1.42 billion). The deal would need the approval of regulators... https://www.scmp.com/business/companies/article/2116155/china-life-shrugs-capital-controls-it-buys-allianz-taiwans-life?utm_source=rss_feed https://www.scmp.com/business/companies/article/2116155/china-life-shrugs-capital-controls-it-buys-allianz-taiwans-life?utm_source=rss_feed Thu, 19 Oct 2017 12:08:15 +0000 China’s clampdown on aggressive selling of risky short-term life insurance policies could benefit the big four listed firms, China Life Insurance, Ping An Insurance, China Pacific Insurance and New China Life, because they are less exposed to those products, analysts said. The insurance regulator has since last year moved to curb sales of such policies, which are essentially wealth management products, by companies including Anbang Life Insurance and Foresea Life Insurance, who used the proceeds... https://www.scmp.com/business/banking-finance/article/2110036/chinas-listed-insurance-firms-could-benefit-government?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2110036/chinas-listed-insurance-firms-could-benefit-government?utm_source=rss_feed Wed, 06 Sep 2017 11:30:07 +0000 China Life will continue to invest in Hong Kong stocks and plans to team up with Baidu as part of an ambitious plan to invest US$1 billion in artificial intelligence and related technology companies, even as the insurer acknowledged Beijing’s new capital control rules would affect its investment scope, the insurer’s chairman said. “The capital control rules by the forex regulator would affect our overseas investment plan. We would definitely invest in a manner according to the regulatory... https://www.scmp.com/business/companies/article/2108311/china-life-focus-investment-tech-ai-and-belt-and-road?utm_source=rss_feed https://www.scmp.com/business/companies/article/2108311/china-life-focus-investment-tech-ai-and-belt-and-road?utm_source=rss_feed Fri, 25 Aug 2017 08:54:08 +0000