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Xinhua Silk Road
Industry

China's new insurance policies in Q1 mount up to 10.9 bln

May 14, 2020


Abstract : Chinese insurers saw their new insurance policies surge 72.1 percent year on year to 10.9 billion in the first quarter of 2019, reported Xinhua Finance, a financial information platform run by Xinhua News Agency Thursday.

BEIJING, May 14 (Xinhua) -- Chinese insurers saw their new insurance policies surge 72.1 percent year on year to 10.9 billion in the first quarter of 2019, reported Xinhua Finance, a financial information platform run by Xinhua News Agency Thursday.

Statistics from China Banking and Insurance Regulatory Commission (CBIRC) showed insurance companies reaped 1.7 trillion yuan of premium incomes from primary insurance business from January to March, up 2.3 percent year and year.

But their quarterly compensation expenses contracted 8.7 percent year on year to 303.1 billion yuan during the period.

By the end of March, insurance companies in China possessed 21.7 trillion yuan of assets in total, up 5.6 percent from the beginning of this year.

Generally, assets of property insurers, life insurers, reinsurance firms and insurance assets management companies all grew in the first quarter, up 2.6 percent, 5.8 percent, 10.6 percent and 2.5 percent year on year to 2.4 trillion yuan, 17.9 trillion yuan, 471.4 billion yuan and 65.6 billion yuan from the start of 2020, respectively. (Edited by Duan Jing, duanjing@xinhua.org)

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Keyword: China insurance

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