China Taiping Insurance reports premium income growth of subsidiaries in Q1

Source: Xinhua | 2019-04-22

China Taiping Insurance Holdings Company Limited, a leading insurer in the country, saw an increase in the premium income of its subsidiaries in the first quarter, data from a company announcement showed.
Premium income totaled 68.1 billion yuan (about 10.15 billion U.S. dollars) in the January-March period, up from 62.5 billion yuan in the same period last year, according to the announcement.
Specifically, subsidiaries in the life insurance business saw approximately 10 percent year-on-year growth in their premium income, while those in the property & casualty insurance business saw their premium income increase by 5.2 percent.
Bucking the trend, premium income of subsidiaries in the pension business dropped about 2.4 percent from 2018 to 1.67 billion yuan.
Chinese insurers have seen stronger premium growth in recent months after authorities tightened regulations last year to fend off financial risks in the world's second-biggest insurance market.
The sector has shown a stronger capacity to forestall risks as its overall leverage has gradually dropped and business structure improved, the country's insurance regulator said in December.