Insurance Authority targets family offices and private bankers as it ramps up efforts to close Asia’s protection gap and deepen the city’s capital market role.
90% decline in net income comes following significant reserve release in 2023 alongside slower topline growth, but Fitch projects profitability to normalise going forward.
Ratings for nine insurers—including China Life and PICC P&C—affirmed, but negative outlook reflects pressures from market volatility and potential weakening of state support.
