Mainland Chinese insurers accounted for six of the top 20 insurers in Asia-Pacific by market capitalization at the end of the third quarter after a strong stock market performance, according to an S&P Global Market Intelligence analysis.
China Life Insurance Co. Ltd. remained the largest Asia-Pacific insurer by market capitalization after seeing a 45.6% jump from the end of the second quarter to $145.58 billion as of Sept. 30. Ping An Insurance (Group) Co. of China Ltd. ranked second as its market cap rose 37.8% to $134.83 billion during the third quarter.
China Pacific Insurance (Group) Co. Ltd. rose one spot to sixth place after its market cap went up 40.8% to $48.16 billion. The People's Insurance Co. (Group) of China Ltd. climbed to seventh from 11th as its market cap rose 47.8% to $41.82 billion, while PICC Property and Casualty Co. Ltd. rose one spot to 11th after its market cap increased 18.8% to $32.98 billion.
New China Life Insurance Co. Ltd., meanwhile, entered the top 20 after its market cap jumped 55.2% from the end of the second quarter to $17.03 billion. 
Hong Kong-listed AIA Group Ltd. was the third largest insurer in the ranking after its market cap climbed 28.9% to $97.66 billion, while Life Insurance Corp. of India was fourth with a market cap of $76.02 billion, up 1.8% from June 28. Tokio Marine Holdings Inc. rounded out the top five, with its market cap dropping 13.3% to $71.22 billion.
The top five all maintained their respective positions from the second-quarter rankings.
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Japan insurers see market caps slide
In contrast, the market caps of several large Japanese insurers declined in the third quarter.
MS&AD Insurance Group Holdings Inc. fell to 10th place from sixth in the ranking after its market cap declined 6.8% to $36.97 billion. Japan Post Holdings Co. Ltd. slid to 13th place from ninth as its market cap dropped 16.3% to $29.69 billion, while Dai-ichi Life Holdings Inc. went down one spot to 15th after its market cap lost 16.3% to end the third quarter at $23.65 billion. Sompo Holdings Inc. fell one spot to 17th as its market cap decreased 8.2% to $21.75 billion.
