The most notable performers in the region were Japan-based insurer Dai-ichi Life, China-based New China Life Insurance and China Reinsurance, and Taiwan-based Cathay Financial.
Dai-ichi Life outperformed the top players, with its revenue growth surpassing 20 per cent, as the weaker Yen allowed the company’s returns from its investments soar significantly over the previous year.
China Reinsurance reported 19.2 per cent increase in year-over-year revenue owing to swift growth in savings- and protection-type life, domestic P&C reinsurance, and health reinsurance business, which led to 16.2 per cent growth in premium income, and obtaining surplus investment returns by surpassing the market benchmarks.
New China Life reported more than 15 per cent rise in revenue due to 13.7 per cent and 16.8 per cent growth in premiums from health insurance and traditional insurance products, respectively.
Technology development gained importance
Murthy Grandhi, Company Profiles Analyst at GlobalData, commented: “Technology developments is one more area that has gained more importance. Due to the Covid-19 social distancing norms and regulatory push, many insurers have accelerated the adoption of digital platforms.”
In 2020, Ping An Insurance introduced ‘One-click Claims Services’, which has now been availed by more than 2.34 million customers. It also has been leveraging AI robots to offer digital, paperless, automatic smart insurance policy and claims services. Its subsidiary, Ping An Property & Casualty processed more than 6.9 million digital self-service family auto insurance claims.
The remaining players reported moderate revenue growth with China Taiping, T&D Holdings, China Life Insurance, Hanwha Life, and China Pacific Insurance reporting year-over-year growth between of 10-15 per cent. Fubon Financial, MS&AD Insurance, Samsung Life, The People’s Insurance, AIA, and Sompo reported marginal growth rates between 5-10 per cent.