FINANCE

China’s Bancassurance Sales Jump as Costs Fall

Published: Feb. 4, 2026 5:54 p.m. GMT+8

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China’s life insurers started 2026 with a sharp increase in bank-channel sales, as regulatory changes reshaped competition in the bancassurance market and prompted major carriers to step up their presence in the channel.

Seventy-nine life insurers generated 212.6 billion yuan ($30.6 billion) in new premiums through banks in January, up 27.6% from a year earlier, industry data showed. Ping An Life Insurance Co. of China Ltd. recorded the largest volume, with new premiums rising 175%, reflecting an aggressive push into the bank channel.

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In January 2026, life insurers in China generated 212.6 billion yuan ($30.6 billion) in new bank-channel premiums, up 27.6% year-on-year.
Ping An Life Insurance saw new premiums rise 175%, leading the industry’s push into the bancassurance channel.
Growth was driven by regulatory changes, but bancassurance volumes remain below pre-2019 levels.

AI generated, for reference only

Who’s Who

Ping An Life Insurance Co. of China Ltd.: Ping An Life Insurance Co. of China Ltd. began 2026 with a substantial 175% increase in bank-channel sales, leading all Chinese life insurers in this segment. This aggressive push into bancassurance reflects the company's strategy to capitalize on regulatory changes that have made bank channels more attractive and cost-effective compared to traditional agent-based sales.

AI generated, for reference only

What Happened When

Before 2019：: Bancassurance sales volumes were at historical highs, before policy rates on life insurance products began to decline.

2023：: Regulatory changes were introduced that cut bancassurance costs and improved the economics of the bank channel relative to agent-based sales.

January 2025：: Serves as the comparison base for the 27.6% increase in new bancassurance premiums in January 2026.

January 2026：: Seventy-nine life insurers generated 212.6 billion yuan ($30.6 billion) in new premiums through banks, up 27.6% from January 2025; Ping An Life's new premiums rose 175%.

AI generated, for reference only