LINE

Text:AAAPrint
Economy

Insurance firms' profits soar in Q1

1
2015-04-29 09:23chinadaily.com.cn Editor: Si Huan

Insurance companies in China saw their profit more than double in the first quarter thanks to the steady rise of premium income and the surge of investment return in the equities market, data from the China Insurance Regulatory Commission showed on Tuesday.

Profits in the insurance sector in the first quarter reached to an estimated 87.09 billion yuan ($14.1 billion), up by 142.6 percent from the same period last year. Total premium income stood at 842.5 billion yuan, up by 20.4 percent year-on-year, according to the regulator.

The surge in profit was partly driven by the improved investment return as insurance companies boosted asset allocation in stocks and mutual funds amid a booming equities market, Bai Yun, a CIRC official said at a news conference in Beijing.

"Many insurance companies saw investment return grow by more than 100 percent, which contributed significantly to their profit," he said.

Meanwhile, insurance companies reduced investment in assets of fixed return in the first quarter. Asset allocation by insurance funds in the bond market and bank deposits dropped by 6.01 percent and 3.77 percent year-on-year respectively, according to Bai.

Investment by insurance funds in the equities market stood at 1.3 trillion yuan in the first quarter, accounting 13.2 percent of their total investment, up by 2.9 percentage points from the same period of last year, according to the CIRC.

The insurance cancellation rate was also on the rise in the first quarter, up by 2.24 percentage points to 3.77 percent, as investors moved capital to the country's world-beating stock market. But it has not affected the cash flow of the overall insurance market, the regulator said.

Related news

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

News
Politics
Business
Society
Culture
Military
Sci-tech
Entertainment
Sports
Odd
Features
Biz
Economy
Travel
Travel News
Travel Types
Events
Food
Hotel
Bar & Club
Architecture
Gallery
Photo
CNS Photo
Video
Video
Learning Chinese
Learn About China
Social Chinese
Business Chinese
Buzz Words
Bilingual
Resources
ECNS Wire
Special Coverage
Infographics
Voices
LINE
Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2018 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.