Bullish Q1 for Chinese insurers
Print Edition
INSURANCE companies in China have probably more than doubled their profits in the first quarter while higher investment in equities have boosted returns, China Insurance Regulatory Commission data showed yesterday.
The total profits of the companies were expected at 87.09 billion yuan (US$14.05 billion) in the first three months, 51.19 billion yuan more than the same period of last year, the CIRC said in a statement.
Life insurers more than tripled profits year on year in the first quarter to 56.4 billion yuan, while property insurers’ net earnings jumped 97 percent to 21 billion yuan, the statement said.
The gross premium income of all insurers amounted to 842.5 billion yuan in the first quarter, up 20.4 percent year on year, the CIRC said.
Meanwhile, the capital market’s bullish performance in the first quarter has boosted investment returns, the CIRC said, as insurance companies posted a 141.7 percent year-on-year surge in total quarterly capital returns to 213.53 billion yuan.
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