China Life Insurance Market Size, Trends by Line of Business (Whole Life, Universal Life, Endowment, and Personal, Accident and Health), Distribution Channel, Competitive Landscape and Forecast, 2021-2026

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China Life Insurance Market Overview

The gross written premium of the China life insurance industry was CNY3,122.4 billion ($484.2 billion) in 2021. The market is expected to achieve a CAGR of more than 6% during 2021-2026. The China life insurance industry research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for the China life insurance segment. It also provides values for key performance indicators such as gross written premium, paid claims, insurance penetration, and premium by line of business during the review period and forecast period.

The report analyzes distribution channels operating in the segment, gives a comprehensive overview of China’s economy and demographics, and provides detailed information on the competitive landscape in the country. The report also gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report includes details of insurance regulations and recent changes in the regulatory structure.

China Life Insurance Market Overview

China Life Insurance Market Overview

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Key China Life Insurance Market Trends

Third-pillar private pension plans, demographic challenges, inclusive insurance, and ecosystem development are some of the market trends impacting the Chinese LI sector. 

In April 2022, China witnessed the rollout of individual private pensions, as part of the third pillar of pensions to address income challenges for the aged population. The current pension system includes a state pension covering more than 69% of the population, while voluntary employee pensions are deemed inadequate to fully support China’s retirement requirements.

Furthermore, China’s aging population and rising life expectancy created a demand for protection and personal accident and health insurance products to cover morbidity risks. Hybrid insurance products, combining both savings and protection elements, also gained prominence. An increasing middle-income population and the aging population are the key consumer segments for these products.

China Life Insurance Market Segmentation by Lines of Business

The key lines of business in the China life insurance industry are whole life, life PA&H, universal life, and endowment. Whole life insurance was the largest contributor to the overall life insurance business in China.

China Life Insurance Market Analysis, by Lines of Business

China Life Insurance Market Analysis, by Lines of Business

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China Life Insurance Market - Competitive Landscape

Some of the leading life insurance companies in China are China Life Insurance Company Limited, Ping An Life Insurance Company of China Limited, CPIC Life, New China Life Insurance Company Limited, Taikang Life Insurance Company Limited, and Taiping Life Insurance Company Limited among others. China Life and Ping An were the top two insurers.

China Life Insurance Market Analysis, by Companies

China Life Insurance Market Analysis, by Companies

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China Life Insurance Market Report Overview

Market Size (2021) CNY3,122.4 billion ($484.2 billion)
CAGR (2021-2026) >6%
Key Lines of Business Whole Life, Life PA&H, Universal Life, and Endowment
Leading Companies China Life Insurance Company Limited, Ping An Life Insurance Company of China Limited, CPIC Life, New China Life Insurance Company Limited, Taikang Life Insurance Company Limited, and Taiping Life Insurance Company Limited

Segments Covered in the Report

China Life Insurance Market LoB Outlook (Value, CNY Billion, 2021-2026)

  • Endowment
  • Term Life
  • Other Life Insurance
  • Whole Life

Scope

This report provides:

  • Comprehensive analysis of the life insurance segment in China.
  • Historical values for the China life insurance segment for the report’s review period and projected figures for the forecast period.
  • Profiles of the top life insurance companies in China and outlines the key regulations affecting them.

Reasons to Buy

  • Make strategic business decisions using in-depth historic and forecast market data related to the China life insurance segment.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in the China life insurance segment.
  • Assess the competitive dynamics in the life insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.

China Life Insurance Co. Ltd.
Ping An Life Insurance Co. Ltd
CPIC Life
New China Life Insurance Co. Ltd
Taikang Life Insurance Co. Ltd
Taiping Life Insurance Co. Ltd
PICC Life Insurance Co. Ltd
China Post Life Insurance Co.
Funde Sino Life Insurance Co. Ltd
Qianhai Life Insurance Co. Ltd

Table of Contents

Table Of Contents

Executive Summary             

Economy Overview                                                                                                         

Regulatory and Compliance

Key Market Trends               

Summary Trends and KPIs  

Key Trends by Line of Business

  • Whole Life Insurance
  • Universal Life Insurance
  • Endowment
  • Life PA&H

Distribution Channels

CompetitiveLandscape                                                                                                                              Competitor Profiles

Reinsurance

  • Regulatory and Compliance

Appendix

Frequently asked questions

China Life Insurance Market Size, Trends by Line of Business (Whole Life, Universal Life, Endowment, and Personal, Accident and Health), Distribution Channel, Competitive Landscape and Forecast, 2021-2026 standard reports
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