Macau insurance sector grows 5% as premiums and profits rise in 2024

Total gross premiums reached $4.67b last year.

Macau’s insurance sector posted stronger overall results in 2024, with higher gross premiums and improved profitability across both life and general segments, according to data from the Monetary Authority of Macao.

Total gross premiums reached $4.67b (MOP38.94b) in 2024, up from $4.45b (MOP37.06b) in 2023, marking a 5% increase year on year.

The sector’s total profit for the year climbed to $0.55b (MOP4.59b), compared with $0.83b (MOP6.96b) in 2023, reflecting lower but still healthy returns amid changing market conditions.

The life insurance sector generated $4.32b (MOP36.01b) in gross premiums in 2024, a 5.2% increase from $4.11b (MOP34.21b) in 2023.

Despite the rise in revenue, overall profits declined to $0.49b (MOP4.09b), down from $0.77b (MOP6.45b) the previous year.

The general insurance sector reported $0.35b (MOP2.93b) in gross premiums in 2024, a 2.9% increase from $0.34b (MOP2.85b) in 2023.

The sector’s profit remained stable at $0.06b (MOP503m), almost unchanged from last year’s figure.

($1.00 = MOP8.00)