Daily news of China’s insurance industry
**Although sales agents in bancassurance channel repeatedly violate regulations, many insurance institutions invest more to expand the channel**
Recently, the bancassurance channel has won a lot of attention from the industry. On the one hand, there are frequent violations, and many banks have been notified and fined due to violation risks exposed in their insurance agency business; on the other hand, AIA has invested heavily in China Post Life Insurance and signed a 15-year exclusive cooperation agreement with the Bank of East Asia to develop bancassurance channels. The bancassurance business has become the main force in increasing premiums for many leading insurance companies.
With weak growth in personal insurance channels and the industry entering a period of transitional difficulties, bancassurance channel is undergoing transformation and recovery. Its structure has been optimizing from the former low-value batch products to complex regular delivery and high-guarantee products. Targeting high-net-worth users is the advantage and direction of bancassurance channel. The industry recommends bancassurance channel in future to meet the asset allocation needs of high-net-worth users, highlight the defensive professional value of life insurance products, and satisfy customers’ needs for wealth inheritance.
Source: Bluewhale Insurance
**Newest credit rating report of insurance companies: three companies get downgrades, and the industry’s ratings are generally stable**
Recently, the latest credit rating reports of many insurance companies have been released one after another. According to statistics compiled by reporters, the latest credit ratings of most of the insurance companies that issue bonds are stable, and only three insurance companies have experienced downgrades of the main body or debt ratings. In particular, changes of shareholders affected Happy Life Insurance’s rating, while Tianan Property and Tianan Life, which were taken over last year, got downgrade in the main body.
Source: National Business Daily
**Dajia Insurance joins hands with three state-owned enterprises to establish Zhongkang Yang**
On July 10, the first China Elderly Care Industry Investment and Development Forum was held in Beijing. At the forum, Zhongkang Yang Health Industry Investment Co., Ltd.(herein after referred to as Zhongkang Investment) held the opening ceremony. It is a company jointly established by Dajia Insurance and three state-owned enterprises, namely China Chengtong Group, China Railway Construction, and China National Pharmaceutical Group.
Dajia Insurance’s Dajia Healthcare and Pension Industry Investment Management Co., Ltd. is one of the four largest shareholders of Zhongkang Investment, holding 31.58% of its equity. There are a large number of training and recuperation institutions operated by Zhongkang Investment, which are distributed in China’s first-tier cities, provincial capital cities and tourist attractions. With complete infrastructure and supporting medical resources, those institutions are ideal targets for transformation and provision of elderly care services.
He Xiaofeng, Chairman of Dajia Insurance Group, said that the insurance industry’s participation in the elderly care industry can increase the supply of elderly care services, promote its service system construction, and alleviate the serious shortage of social elderly care resources. It also could help insurance industry open up downstream & upstream industry chain, and enable commercial insurance to facilitate the development of elderly care industry. Dajia Insurance will give full play to its unique resources in elderly care and pension insurance, and help build the country’s largest health care resource integration platform.
Source: Shanghai Securities News
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