Bloomberg: China’s Two Largest Insurers Walloped By Virus As Earnings Slump
April 22, 2020
The coronavirus outbreak pummeled China’s two largest insurers, Ping An and China Life Insurance in the first quarter as sales agents were stranded at home and the nation’s stock market wobbled. However, the new business value rose 8.3% in one vital sign of resilience, which shows signs of a V-shaped recovery in premiums among listed insurers have started to emerge as the virus spread came under control. Demand for insurance protection also spiked, and sales activities resumed, according to Leonard Li, partner at Oliver Wyman.