China’s Insurers Suffer Rocky First Quarter Amid Covid Fallout, Volatile Markets

China’s insurance sector went through a challenging 2021. With a few exceptions, premium income and profit growth among Chinese insurers were sluggish as the economy cooled, consumer demand faltered, armies of sales agents were downsized, and investment returns weakened amid volatile capital markets.

The country’s biggest insurers warned when they presented their 2021 earnings results that 2022 would be another bumpy ride as they face multiple challenges not only related to a domestic economic slowdown, but also to changes in the way they do business.