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Xinhua Silk Road
News for Outlets

China's insurance companies report robust performances in first three quarters

November 11, 2020


Abstract : China's insurance sector reported strong growth in the first three quarters, with its total assets up 9.1 percent from the beginning of this year to 22.4 trillion yuan (about 3.40 U.S. dollars), the country's top banking and insurance regulator said on Tuesday.

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Photo: China Banking and Insurance Regulatory Commission (CBIRC).

BEIJING, Nov. 11 (Xinhua) -- China's insurance sector reported strong growth in the first three quarters, with its total assets up 9.1 percent from the beginning of this year to 22.4 trillion yuan (about 3.40 U.S. dollars), the country's top banking and insurance regulator said on Tuesday.

As of the end of the third quarter, total assets of life insurers stood at 19.1 trillion yuan, up 12.6 percent from the beginning of 2020 and the total assets of property insurance companies reached 2.4 billion yuan, up 3.9 percent from the beginning of this year, said the China Banking and Insurance Regulatory Commission (CBIRC).

Official data also showed that during the January-September period, premium income of the sector rose by 7.2 percent year on year to 3.7 trillion yuan.

Compensation expenses of these firms came in at 998.9 billion yuan during the same period, climbing by 6.1 percent from a year ago, according to the CBIRC.

(Edited by Li Shimeng with Xinhua Silk Road, lishimeng@xinhua.org)

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Keyword: China's insurance sector

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