| Study Period | 2019 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Market Size (2025) | USD 1.27 Trillion |
| Market Size (2030) | USD 1.53 Trillion |
| CAGR (2025 - 2030) | 3.89% |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Asia-Pacific Life And Annuity Insurance Market Analysis by Mordor Intelligence
The Asia-Pacific Life And Annuity Insurance Market size in terms of gross written premiums value is expected to grow from USD 1.27 trillion in 2025 to USD 1.53 trillion by 2030, at a CAGR of 3.89% during the forecast period (2025-2030).
Economic growth in Asia-Pacific economies is expected to be growing further in the forecast period. Also, the aging population is expected to support the growing demand for long-term investment, health, and retirement coverage. For life insurance, asset risk rises due to increasing allocations to higher-yielding non-traditional assets and widening currency mismatches. In regulation, tightening capital and asset liability management requirements could strengthen the industry's capacity to absorb sudden changes. The cost of claims continued to increase across all risk products as claims as a proportion of premiums increased by 4.3%. This trend was likely due to a wide range of factors for group lump sum insurance, including the impact of the decrease in premium volumes due to PMIF and PYSP without a corresponding change in operating expenses.
There was a negative impact of the pandemic on the Asia-Pacific Life and Annuity Insurance industry. While the social and medical consequences of the pandemic have been significant, the shock to the economy and markets is having a significant impact on life insurance and annuity companies. Interest rates and equity markets have declined, credit spreads have widened, and implied volatilities have increased. Each of these movements affected fixed income and equity investments, as well as the life and annuity products insurers sell, creating balance sheet and earnings volatility. Post-pandemic, the market experienced significant growth year-on-year. Digitalization, new mergers, and acquisitions, which happened post-pandemic, are propelling the market.
Asia-Pacific Life And Annuity Insurance Market Trends and Insights
Life Insurance is Dominating the Market
The life insurance market is larger than the annuity insurance market in the Asia-Pacific region, accounting for the largest percentage of the market's total value. The market has been showing an upward trend, witnessing the highest market share in the current year, and it is estimated to increase throughout the forecast period. Increasing awareness about life insurance in the major economies of Asia-Pacific has increased the demand for Life Insurance Products in the market. Asia-Pacific countries have favorable demographics and technology adoption that have given rise to insure tech solutions such as online applications and websites for purchasing life insurance products.
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China is Dominating the Asia-Pacific Life And Annuity Insurance Market
The gross written premiums for life insurance were the highest in Mainland China. China's life insurance market is relatively fragmented, and China's annual life insurance market growth was on the higher side, followed by Japan, India, Hong Kong, and Other nations. The Chinese life and annuity insurance market has experienced a golden age of growth in incremental term plans, prosperity, and rapid growth in premium rates. Commercial pension insurance products are designed to provide private pension annuity options aimed at improving the financial well-being of elderly individuals, with payments beginning at the age of 60. With rapid innovations and developments over the past few decades, China has become the dominant country in the Asia-Pacific region in the life and annuity insurance market.
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Competitive Landscape
The Asia-Pacific life and annuity insurance market is highly competitive and fragmented nationwide, covering most life insurance segments. However, small to Mid-size companies are developing new attractive, customizable coverage and performance or usage-based insurance products to tap the markets. Also, vendors must test large volumes of user data to offer competitive pricing to their end-users. The key players include Nippon Life Insurance Company, Life Insurance Corporation of India, China Life Insurance Company, AIA Group, and Muang Thai Life Assurance Public Co. Ltd.
Asia-Pacific Life And Annuity Insurance Industry Leaders
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Nippon Life Insurance Company
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Life Insurance Corporation of India
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China Life Insurance Company
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AIA Group
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Muang Thai Life Assurance Public Co. Ltd.
- *Disclaimer: Major Players sorted in no particular order
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Recent Industry Developments
- October 2023: Fanhua Inc, an independent financial services provider in China, made a strategic partnership with Asia Insurance Co., Ltd, a wholly-owned subsidiary of Asia Financial Holdings Ltd. Together, the two companies formed two joint ventures: a life insurance brokerage company and an insurance technology company.
- October 2023: Chubb Life Hong Kong and AEON credit service companies launched a distribution partnership to take advantage of cross-sector opportunities across the insurance and retail markets. Chubb provides property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance to a diverse group of clients. The partnership will likely see Chubb Life’s insurance products become available on AEON’s online and offline platforms.
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Asia-Pacific Life And Annuity Insurance Market Report Scope
Life Insurance seeks to provide an individual's family with a lump-sum fiscal payout when that individual dies; annuities act as safety nets by providing individuals with a lifetime of guaranteed income streams.
The Asia-Pacific life and annuity insurance market is segmented by insurance type, distribution channel, and by country. By insurance type, the market is segmented into annuity insurance and life insurance. By distribution channel, the market is segmented into direct, banks, agents, online, and other distribution channels. By geography, the market is further segmented into China, India, Singapore, and the Rest of Asia-Pacific.
The report offers market size and forecasts for the Asia-Pacific life and annuity insurance market in value (USD) for all the above segments.
By Insurance Type
| Annuity Insurance |
| Life Insurance |
By Distribution Channel
| Direct |
| Banks |
| Agents |
| Online |
| Other Distribution Channels |
By Geography
| China |
| India |
| Singapore |
| Australia |
| Rest Asia-Pacific |
| By Insurance Type | Annuity Insurance |
| Life Insurance | |
| By Distribution Channel | Direct |
| Banks | |
| Agents | |
| Online | |
| Other Distribution Channels | |
| By Geography | China |
| India | |
| Singapore | |
| Australia | |
| Rest Asia-Pacific |
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Key Questions Answered in the Report
How big is the Asia-Pacific Life And Annuity Insurance Market?
The Asia-Pacific Life And Annuity Insurance Market size is expected to reach USD 1.27 trillion in 2025 and grow at a CAGR of 3.89% to reach USD 1.53 trillion by 2030.
What is the current Asia-Pacific Life And Annuity Insurance Market size?
In 2025, the Asia-Pacific Life And Annuity Insurance Market size is expected to reach USD 1.27 trillion.
Who are the key players in Asia-Pacific Life And Annuity Insurance Market?
Nippon Life Insurance Company, Life Insurance Corporation of India, China Life Insurance Company, AIA Group and Muang Thai Life Assurance Public Co. Ltd. are the major companies operating in the Asia-Pacific Life And Annuity Insurance Market.
What years does this Asia-Pacific Life And Annuity Insurance Market cover, and what was the market size in 2024?
In 2024, the Asia-Pacific Life And Annuity Insurance Market size was estimated at USD 1.22 trillion. The report covers the Asia-Pacific Life And Annuity Insurance Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Asia-Pacific Life And Annuity Insurance Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Asia-Pacific Life And Annuity Insurance Market Report
Statistics for the 2025 Asia-Pacific Life And Annuity Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Life And Annuity Insurance analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
