News Life and Health12 Mar 2018

China:January 2018 total premiums fell by 20% on plunge in life sales

| 12 Mar 2018

China's insurance industry premium income fell by 19.9% to CNY685 billion (US$109 billion) in January, according to data from the country's insurance regulator, according to data from the CIRC.

This contrasts with an increase of 18.2% in January 2017 when premiums reached CNY855 billion.

More specifically, the data show:

Business Jan 2018 Premiums (CNY bln) Jan 2017 Premiums (CNY bln) % Change
Non-life 114.5  97.4  +17.6
Life 570.6 758.0  -24.7
Total 685.1 855.4  -19.9


The decline in life premiums in January 2018 is attributed to the CIRC's crackdown last year on risky short-term universal life insurance products.

Total assets of the insurance industry stood at CNY16.9 trillion at the end of January, representing an increase of 0.93% from the beginning of the year.

January 2017's life premiums contributed 32% of the total life premiums of CNY2,675 billion for the whole of last year. 


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