AIA overtakes Ping An as largest Asia-Pacific insurer by market cap in Q2

Seven of the 20 largest public insurers in Asia-Pacific saw their market capitalizations decline sequentially in the second quarter, according to an S&P Global Market Intelligence analysis.

AIA rises to the top

AIA Group Ltd. finished the quarter as the largest insurer in the region, as its market cap rose 2.2% quarter over quarter to US$129.38 billion.

Ping An Insurance (Group) Co. of China Ltd. slumped to the second spot as its market cap declined 7.0% sequentially to US$124.93 billion. China Life Insurance Co. Ltd. remained in third place with US$109.56 billion in market cap.

China Life Insurance saw the biggest quarter-over-quarter growth in market cap during the second quarter with 12.4%, followed by Sompo Holdings Inc. at 11.2%.

Life Insurance Corp. of India, which began trading on the National Stock Exchange of India in the second quarter, emerged as the fourth-largest insurer in Asia-Pacific with US$53.94 billion in market cap.

The Indian government raised about 205 billion rupees from the sale of a 3.5% stake in Life Insurance Corp. of India's initial public offering, which was below its fundraising target of 300 billion rupees. The offering drew interest from 123 anchor investors, including Norway's sovereign wealth fund and the Singaporean government.

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Bajaj Finserv Ltd. posted the largest negative quarter-over-quarter change during the period, with a market cap decline of 35.9% to US$22.02 billion. Fubon Financial Holding Co. Ltd. and Cathay Financial Holding Co. Ltd. followed with declines of 21.8% and 21.1%, respectively.

China Life, Tokio Marine log largest total returns in Q2

Of the 10 largest insurers in Asia-Pacific in the second quarter, China Life Insurance and Tokio Marine Holdings Inc. emerged as the biggest gainers, with total returns of 13.46% and 10.87%, respectively.

PICC Property and Casualty Co. Ltd. and Japan Post Holdings Co. Ltd. finished the quarter with total returns of 7.94% and 7.87%, respectively, followed by AIA Group with 4.60% and China Pacific Insurance (Group) Co. Ltd. with 2.66%.