Insurance premium income drops 3.3%

Source: Xinhua | 2018-08-20

China’s insurance sector saw premium income fall 3.33 percent year on year to 2.2 trillion yuan (US$319.3 billion) in the first half of the year, according to official data.

The drop slightly narrowed from the 5.9-percent fall seen in the first five months.

Property insurance firms posted a 14.2-percent rise in premium income, but life insurance companies, which take up over 70 percent of the total premium income, saw an 8.5-percent drop, data from the China Banking and Insurance Regulatory Commission showed.

By the end of June, the industry had combined assets of 17.6 trillion yuan, up 5.35 percent from the start of 2018.

Authorities tightened rules on the insurance sector last year as they prioritized prevention of systemic financial risks.