China Ping An: Overseas Insurance Income Tax Not New Policy, Impact Minimal

Xie Yonglin, co-chief executive officer of China Ping An, said that officials from the relevant department of the State Taxation Administration had already provided an explanation on August 7. Under China's individual income tax law, Chinese tax residents are required to fulfil tax obligations on their global income, and overseas insurance income falls within the scope of taxable income. He stressed that this policy is not a new regulation and the market should not overreact. Xie also pointed out that the policy has not yet been extended to domestic insurance income, and that the regime has not been implemented for onshore insurance.

Xie further noted that China Ping An holds a very small amount of overseas insurance policies, so the tax policy's impact on the company is almost zero. When discussing the development of the life insurance business, he said that China's life insurance market is very large and has enormous potential, and that management will continue to build diversified channels and develop a broad range of products to meet customer needs.