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Insurers' poor results signal tough year
By Feng Jianmin |
February 21, 2013, Thursday
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Print Edition
Print Edition
LISTED Chinese insurance companies have posted disappointing growth in premiums last month due to weaker demand and stronger competition from wealth management products in a sign of another difficult year for the insurers, according to analysts.
The premium income for New China Life Insurance Co fell 10.3 percent in January from the same month of last year, the company said in a statement on Tuesday. In January 2012, the insurer posted a 19.6 percent increase.
China Life Insurance Co said its premium income fell 4.7 percent in January.
However, China Ping An reported its life insurance premiums rose 22 percent last month from a year while property and casualty premiums gained 19 percent, outperforming rivals.
Of the four listed insurers, China Pacific Insurance Co has not released its January data.
The premium income for New China Life Insurance Co fell 10.3 percent in January from the same month of last year, the company said in a statement on Tuesday. In January 2012, the insurer posted a 19.6 percent increase.
China Life Insurance Co said its premium income fell 4.7 percent in January.
However, China Ping An reported its life insurance premiums rose 22 percent last month from a year while property and casualty premiums gained 19 percent, outperforming rivals.
Of the four listed insurers, China Pacific Insurance Co has not released its January data.
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