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China's top insurers hit by $5 billion 2022 profit drop

Key investment income sank amid market volatility and Beijing's pandemic policies

Senior China Life executives Zhan Zhong, Zhao Peng and Liu Hui (left to right) at the company's earnings announcement on March 30. (Photo by Echo Wong) 

HONG KONG -- China's top insurers saw their collective profit plunge by almost $5 billion last year as key investment income took a hit from volatile markets and the economic damage wrought by Beijing's zero-COVID policies.

Five out of six Hong Kong-listed Chinese insurers all saw their net profit drop in 2022, with China Life, New China Life, China Pacific Insurance and China Reinsurance saying this week that earnings were more than 30 billion yuan ($4.38 billion) lower than in 2021.

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