Q1 profits of China's 4 insurance giants up 26.9 pct
Source: Xinhua | 2021-05-02
Net profits of China's four insurance giants surged 26.9 percent year on year in the first quarter, according to their quarterly reports.
China Life Insurance, the PICC, China Pacific Insurance, and Ping An Insurance, raked in 74.4 billion yuan (about 11.5 U.S. dollars) of net profits during the period.
China Life and the PICC cited major growth in investment returns as the driver of stellar profit growth.
In the first quarter, China Life saw its net return on investment rise 8.7 percent year on year to 41.4 billion yuan, with equity assets as the biggest source of return.
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