BEIJING, March 22 (Xinhua) – China's five biggest A share-listed insurance companies pocketed 644.062 billion yuan of premiums in the first two months of 2019, up 12.9 percent year on year, reported Economic Information Daily.
Among them, China Life Insurance Co., Ltd. (601628.SH) and The People's Insurance Company (Group) of China Ltd. (601319.SH) beat others with 22.4 percent and 16.5 percent year-on-year rises of their premiums.
The other three reported single digit of growths of first two months premiums, including Ping An Insurance (Group) Company of China, Ltd. (601318.SH), China Pacific Insurance (group) Co., Ltd. (601601.SH) and New China Life Insurance Company Ltd. (601336.SH).
In January and February, their life insurance, a dominant contributor of their premiums, brought about 485.57 billion yuan of original premiums, up 11.2 percent from the same period of last year.
However, premiums growth of some of the five's newly-added life insurance policies did not follow pace. Ping An Life Insurance Company of China, Ltd., a subsidiary of Ping An Insurance (Group) Company of China, Ltd., saw its premiums from newly-added personal life insurance dropped about 20 percent year on year to 40.8 billion yuan in January and February.
In the past two decades, China's life insurance market has already undergone high-speed growth, but as the market matures, Chinese insurers' profiting mode also transfers to liability-driven from asset-driven, meaning they need to pay more attention to client demand and value creation, holds a report from McKinsey & Company. Enditem (Edited by Duan Jing, duanjing@xinhua.org)
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