News eDaily02 May 2017

China:4 listed insurers report mixed results for 1Q2017

02 May 2017

China Life Insurance, the country's biggest life insurer, saw net profits for the first quarter rise more than 17% year-on-year to CNY6.15 billion (US$892 million) on the back of strong growth in premiums.

Premiums surged by 22% to CNY246 billion and operating revenue increased by 23.5% to CNY271.7 billion.

The giant life insurer's profit performance beat those of its listed rivals.

Ping An Insurance (Group) Co of China reported an 11.4% increase in first-quarter net profit, also on strong premium growth. Net profit reached CNY23.05 billion in the first three months of the year.

The group's life insurance business achieved written premiums of CNY184.64 billion, up by 37% year on year.

However, China Pacific Insurance, ranked as the country's third largest life insurer, said in stock exchange filings, that its first-quarter net profits declined by 9% in 1Q2017 to CNY2 billion, compared to the corresponding quarter last year. Its operating revenue in the first quarter of the year rose by 29.9% from a year earlier to CNY108.4 billion..

New China Life Insurance saw a fall in net profit attributable to shareholders, that declined by 7.9% to CNY1.84 billion. Its 1Q2017 operating income plunged by 19.3% to CNY 44.6billion.


 

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