General Financial Supervisory Authority: At the end of the third quarter of 2024, the insurance industry's comprehensive solvency ratio was 197.4%

At the end of the third quarter of 2024, the total assets of insurance companies and insurance asset management companies were 35 trillion yuan, an increase of 3.5 trillion yuan over the beginning of the year, an increase of 11.2%. Among them, property insurance companies were 2.97 trillion yuan, up 7.5% from the beginning of the year; personal insurance companies were 30.6 trillion yuan, up 11.7% from the beginning of the year; reinsurance companies were 823.1 billion yuan, up 10.2% from the beginning of the year; and insurance asset management companies were 124.5 billion yuan, up 18.3% from the beginning of the year.

When the old and new standards go hand in hand, insurers' financial reports move forward “bumpy”

The insurer's financial reports are moving forward “bumpy” — the same insurance company lost more than 10 billion dollars last year and earned more than 10 billion dollars this year; after the assets were reclassified, the return on comprehensive investment rose rapidly...

According to sorting through the financial reports of listed insurance companies and the latest solvency reports of more than 70 personal insurance companies, changes in financial data have intensified as the insurance industry enters the new accounting standard switching window, showing more uncertainty. (Securities Times)

Expanding the number from 6 to 27 insurers participating in the personal pension market still requires efforts from both supply and demand

In the two years since the personal pension pilot, the insurance industry's participation in personal pension construction has achieved phased results. Personal pension insurance products have been expanded from the initial 7 products of 6 insurance companies to more than 100 products from 27 insurance companies, and the number of companies and products has increased several times.

Some industry experts believe that as one of the four major types of investment in personal pensions, insurance still receives less attention than savings, funds, and financial management. In particular, it is limited by factors such as sales channels and complicated insurance applications, making it more difficult for investors to apply for insurance. In the future, efforts can be made to simultaneously build both supply and demand sides to increase the share of insurance products in personal pensions. (Shanghai Securities Journal)

32 trillion insurance capital, third quarter results released!

On November 22, the official website of the State Financial Supervisory Administration disclosed the insurance industry's fund usage schedule for the third quarter of 2024. By the end of the third quarter, the insurance company's capital utilization balance was 32.15 trillion yuan. The return on annualized financial investment for the first three quarters was 3.12%, and the annualized comprehensive return on investment was 7.16%.

Overall, both financial return and comprehensive return increased month-on-month, and the return on financial investment was higher than 3% for the first time in nearly a year.

At the end of the third quarter, the market value of stocks held by insurance funds increased markedly, and the market value of shares held by personal insurance companies exceeded 2 trillion yuan. Meanwhile, insurance capital allocations to bonds continued to grow month-on-month. (Broker China)

Yu Hong of the Ping An Department succeeds Zhang Xiaoyu as CEO of AIA Life Insurance and plans to open 8 provincial branches in 5 years. AIA's expansion is in urgent need of talent input

AIA Group officially announced that AIA Life CEO Zhang Xiaoyu was promoted to regional CEO, and his position officially came into effect after receiving all regulatory approvals. At that time, it will be responsible for AIA's operations in mainland China, South Korea, and Vietnam. Additionally, he will serve as a member of the Group's Executive Committee and report to the Group's CEO and President Li Yuanxiang.

In addition to personnel adjustments, AIA Insurance, which has always been known for its steadiness, has entered a period of rapid business expansion since the “transformation” in 2020. The rapid expansion of the organization shows AIA Life's determination to develop the mainland market, and it is also bound that AIA Life needs to quickly recruit talents. This may also be one of the main reasons why AIA Life chose Yu Hong as AIA Life's new CEO. (Huibao World)