Life Insurance Premiums in China Expand 67% in First 7 Months

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Life insurance companies in China, both domestic and foreign-funded, collected 481.89 billion yuan (70.55 billion U.S. dollars) in premiums in the first seven months of this year, up 66.7 percent year-on-year, the China Insurance Regulatory Commission (CIRC) said on Thursday.

The growth rate was 2.3 percentage points higher than in the first half alone, it said.

In terms of life insurance premiums, the total included 203 billion yuan for China Life, up 54 percent, 61.4 billion yuan for Ping An’s life insurance company, up 30 percent, and 43.7 billion yuan for Pacific Insurance’s life assurance branch, up 58 percent.

In July alone, these three collected premiums of 12.8 billion yuan, 7.5 billion yuan and 4.8 billion yuan, respectively, up 98 percent, 48 percent and 55 percent over the year-earlier level.

Luo Yi, an analyst with China Merchants Securities, attributed the fast growth to sales of investment-oriented policies through banks, which could result in risks such as exaggeration of investment returns and weak supervision…” Read More Here.


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