China: Life insurers report narrowing decline in cumulative monthly gross premiums
Source: Asia Insurance Review | Dec 2018
The latest data from the CBIRC show that life insurers posted gross premium income totalling CNY2.19tn ($316bn) for the January to September period, a y-o-y decrease of 3.5%.
The statistics indicate that the decline in cumulative monthly life insurance premiums this year has been narrowing month to month, from 25.5% in January alone to 3.5% for the first three quarters.
The total annualised premium equivalent (APE) of the 91 companies in the life insurance sector reached CNY2.83tn for the first nine months of this year, a y-o-y increase of 2.3%. In addition, new policyholder investment business premiums for January to September totalled CNY645.34bn, a y-o-y increase of 28.2%.
According to the statistics, among the 80 life insurers which had comparative figures for the first three quarters of last year, 51 companies (64%) posted positive APE growth.
For investment-related premiums, among the 70 life insurers with comparative figures for last year, 26 showed positive growth.
Wanlian Securities analyst Wen Chao said that large life insurance companies maintained rapid growth with huge renewal premiums. It is expected that the growth rate of life insurance companies’ premiums will continue to improve in the fourth quarter. A