The individual agent channel, which remains the primary driver of value creation, accounted for 85.9% of total VNB in 2025, contributing 39.3bn yuan, up 25.5% year on year.
Ratings agency flags ongoing FX exposure and higher funding needs ahead of new capital standards, with asset-intensive reinsurance yet to gain traction.
Subsidiary of property conglomerate had its ratings affirmed, with AM Best noting a shift in its investment portfolio towards cash and high-grade fixed income assets.
