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Chinese insurers see strong Q1 growth amid Covid recovery

Chinese insurers report strong Q1 growth amid post-Covid recovery, with new policy premiums driving increased profits. China Life Insurance, the country's largest life insurer, saw an 18% rise in net profit to RMB17.9bn (USD2.6bn) and a 16.6% growth in new policy premiums. New business value grew 7.7%, and gross investment income increased 18.8% to RMB52.9bn . Similarly, The People's Insurance Co (Group) of China reported a 230% surge in first-quarter net profit to RMB11.7bn . New China Life Insurance also experienced a 115% rise in net profit to RMB6.9bn. Ping An Insurance, China's largest insurer, posted a 48.9% increase in Q1 net profit, contributing to a rally in Chinese insurance stocks.


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