Chinese, Japanese life insurers top capital raising list in H1 2024

Five life insurers in East Asia logged billion-dollar capital raises in the first half of 2024, topping the list of Asia-Pacific insurance and insurance technology companies with the largest capital raises during the period, according to an S&P Global Market Intelligence analysis.

New China Life Insurance Co. Ltd. took the No. 1 spot with a $1.38 billion debt issuance that closed June 20. Proceeds will be used to replenish the company's capital and enhance its solvency.

Another mainland China-based life insurer, Sinatay Life Insurance Co. Ltd., had the third-highest fundraise during the period after it closed a $1.30 billion funding round April 2.

Japanese life insurer Nippon Life Insurance Co. was second on the list with a$1.32 billion capital raise, while Sumitomo Life Insurance Co. came in fourth, having raised $1.04 billion. Hong Kong's AIA Group Ltd. rounded out the top five with a $1 billion debt issuance.

Property and casualty, insurance technology activities

India's Go Digit General Insurance Ltd. was the only insurer classified in the property and casualty segment that made it to the list of top 10 Asia-Pacific insurance and insurance technology companies with the largest capital raises during the first half of 2024, raising a combined $454.6 million from its May IPO and a separate funding round.

Australia's Suncorp Group Ltd. and Insurance Australia Group Ltd. also tapped the capital markets in the first half of the year. Suncorp completed a $238.4 million capital raise on May 14, and Insurance Australia Group wrapped up a $228.8 million capital raise on March 26.

In the insurance technology sector, Australia-based Cover Genius Pty. Ltd. was the biggest fundraiser with a $79.7 million funding round that closed May 15.

Overall activity

Insurance underwriters based in Asia-Pacific raised a combined $10.28 billion from 42 capital raises in the first half of 2024, according to the analysis. Underwriters obtained $20.93 billion from 90 capital raises in 2023, and secured $17.20 billion from 94 capital raises in 2022.

Insurance technology companies in the region obtained about $220 million from 20 capital raises in the first six months of 2024. They secured $1.35 billion from 50 capital raises in 2023, and raised $1.11 billion from 73 capital raises in 2022.