BEIJING, Jan. 26 (Xinhua) -- The combined total assets of China Life Insurance (Group) Company neared 4 trillion yuan (around 588.75 billion U.S. dollars) at the end of last year.
The figure represented a 10.85-percent increase from the beginning of 2018, according to the insurer.
China Life's chairman Wang Bin said the group continued to see steady operation, citing total premium incomes of 646.7 billion yuan.
In breakdown, premium incomes of life insurance business grew 4.7 percent year on year and the market share rebounded to 20.4 percent. The asset management business topped 3 trillion yuan in total, with assets managed by aged insurance companies surpassing 700 billion yuan.
The group also stepped up efforts to help poverty alleviation and support the real economy. The subordinate China Guangfa Bank directed 59 percent of new loans to private and small- and medium-sized enterprises.
Wang said China Life will pick up the pace in transformation in 2019 and channel more energy into risk control to forestall systemic risks.
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