News Snapshot:
China’s top insurers reported a slump in performance last quarter as their investment books suffered from stock losses triggered by strict Covid-19 lockdowns to combat the Omicron wave. Measures to restructure their agency force will weigh on the outlook. Ping An Insurance, the nation’s biggest, suffered a 24 per cent drop in earnings to 20.7 billion yuan (US$3.1 billion) from a year earlier, mainly due to volatile capital markets as yields from its 4.1 trillion yuan (US$620 billion) investment portfolio shrank. Earnings at China Life Insurance, the second largest, slid almost 47 per cent to 15.2 billion yuan. Income from...
