Operational Capital Generation and Market Analysis
Drivers of the Life insurance market in China
Strong macro drivers
1. Emerging middle class
Share of population with annual disposal income ≥ EUR 6K
In %
2. High saving rate
Household savings
In RMB tn
73%
2016
76%
2018
86%
2025e
14
12
10
8
மNO
2
0
6
4
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
3. Need for alternative wealth management products
Growth rate of Investment in Real Estate Development
In %
4. Low penetration rate
Life insurance penetration rate
In % at year-end 2022
-8.0
-8.8
-5.7 -5.8
-6.2
-7.2
-7.9
-8.5
-8.8
-9.1
2.83%
9.8
-10.0
09/22 10/22 11/22 12/22 02/23 03/23 04/23 05/23 06/23 07/23 08/23 09/23
Sources: International Monetary Fund, National Bureau of Statistics in China, CBIRC
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