China: 1H premium income up 19% y-o-y to US$220 bln
Source: Asia Insurance Review | Sep 2015
China insurance industry’s total premium income rose 19.27% y-o-y to CNY1.37 trillion (US$220.59 billion) in the first half of the year, according to CIRC data.
P&C premium grew 10.9% to CNY401.79 billion, while life registered 23.12% growth to CNY968.47 billion.
The combined profits of insurance companies in China also more than doubled in the first half of 2015, helped largely by greater demand and investment returns. The total profit of insurance companies reached CNY229.8 billion, 203.9% up from the same period of last year, reported the China News Service citing the CIRC.
Profits of life insurers in the first half jumped 250% while those of property and casualty insurers rose 150%. The regulator said investment returns of insurance companies reached a record high in the first half and the average return on assets was 5.16%, up 2.82 percentage points year on year.
Insurers have put CNY1,538.6 billion or 14.84% investment capital into the stock market and equity funds by the end of June, 5.5 percentage points higher than a year ago. Insurance funds invested 60.11% of their capital in banking deposits and bonds at the end of June, an 11.2-percentage point decline from a year ago. Total investments stood at CNY10.37 trillion at the end of June.