BEIJING, Jan. 18 (Xinhua) -- China Taiping Insurance Holdings Company Limited (CTIH), a leading insurer in the country, reported double-digit growth in the premium income of its subsidiaries in 2019.
Gross premium income totaled 172.39 billion yuan (about 25 billion U.S. dollars) for the period, up 12.89 percent year on year, according to the announcement on the CTIH website.
In breakdown, the subsidiary in the life insurance business registered a 13.62-percent growth in their premium income, while the subsidiary in the property and casualty insurance business saw the premium income increase by 11.07 percent.
Premium income of the subsidiary in the pension business edged up by 3.27 percent from 2018 to 5.02 billion yuan, said the announcement.
Huang Hong, vice chairman of the China Banking and Insurance Regulatory Commission, said that the authorities are looking to further diversify commercial health insurance products through reforms and innovation to meet growing public demands.
Health insurance premiums for the first 10 months of 2019 grew 30.7 percent year on year to 614.1 billion yuan, and authorities are expecting the market volume to reach over 2 trillion yuan by 2025, according to Huang.