Chinese insurers' premium income up 21 pct

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Premiums received by Chinese insurers in the first three quarters of 2017 reached 3.05 trillion yuan (about 460 billion US dollars), up 21 percent compared with the same period last year, the China Insurance Regulatory Commission (CIRC) said on Thursday.

Insurance premium income growth at Chinese insurers slowed in the first nine months compared with a year earlier, after regulators widened a crackdown this year on what they said was the risky and aggressive investment behavior of some insurers.

Property insurance business income from premiums rose 13.5 percent year on year to 723 billion yuan, the CIRC said in a statement.

China Insurance Regulatory Commission /VCG Photo

Income from life insurance business stood at 2.3 trillion yuan, up 23.6 percent.

The commission attributed the steady growth to improved corporate structure, Internet business and risk management.

Since the beginning of this year, financial regulators have worked to prevent systemic risks.

In July, the CIRC said the whole sector would focus more on risk control.

By the end of September, the industry had combined assets totaling 16.6 trillion yuan, up 9.7 percent from the beginning of the year.

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