Total premium income in China's insurance industry in January-February declined 18.48% from the corresponding period a year earlier to CNY970.34 billion (US$154.42 billion), according to data released yesterday by the CIRC.
In comparison, China's insurance industry premium income fell by 19.9% to CNY685 billion in the month of January 2018, compared to the same month a year ago.
For insurance companies, premiums generated by P&C insurers stood at CNY194.63 billion for the first two months of this year, an increase of 17.65% over the corresponding period last year. However, life insurers posted a 24.31% plunge in premiums to CNY775.71 billion.
For classes of business, non-life premiums increased by 15.43% to CNY177.22 billion; life premiums fell by 24.71% to CNY690.17 billion, health insurance declined by 18.19% to CNY87.5 billion while accident insurance increased by 18.81% to CNY15.46 billion.
Total assets in the insurance sector amounted to CNY16.9 trillion at 28 February, up 0.81% from the start of the year.