Analysts at RBC Capital Markets have observed strong growth among foreign insurers in the Chinese market, in contrast to local players who have seen volumes stagnate.
And RBC expects to see a continuation in this shift, noting that insurers who grew their share of the market during the pandemic were able to introduce multiple new products at high speed and sell them through new virtual distribution channels, backed by regulators.
Prudential was one of the standout insurers for growth, increasing sales by 30% and new business profit by 65%, according to RBC, in contrast to the lacklustre performance in the market as a whole.
