Eighteen of the 20 largest Asia-Pacific insurers reported higher market capitalization in the quarter ended Dec. 31, 2020, compared with the previous three-month period amid modest economic recovery and buoyant stock markets in the region, according to S&P Global Market Intelligence.

India-based Bajaj Finserv Ltd. posted the biggest gain, rising six places to rank ninth after its market capitalization increased 52.2% to $19.41 billion from the previous quarter. Total return over the three-month period was 50.0%, also the highest on the list.

It was followed by Samsung Life Insurance Co. Ltd., whose market capitalization rose 29.7% quarter over quarter and was up one place to 17th. Japan Post Insurance Co. Ltd., which also climbed one notch, to 19th, reported a 27.9% growth in market capitalization.

China Life Insurance Company Ltd. and New China Life Insurance Co. Ltd. were the only insurers on the list that posted declines for the period. China Life's market capitalization fell 9.1% quarter over quarter to $138.86 billion and fell one place to rank third, while New China Life logged a drop of 5.4% but remained the seventh-largest insurer in the region.

Meanwhile, Dai-ichi Life Holdings Inc.'s rank fell five places to 14th, the largest decline on the list, despite a 5.1% quarter-over-quarter increase in market capitalization.

Ping An Insurance (Group) Co. of China Ltd. remained the region's largest insurer after its market capitalization rose 19.0% to $234.64 billion. Hong Kong-listed AIA Group Ltd. came in second, up from third in the previous quarter, after its market capitalization rose 25.2%.