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February 15, 2012updated 13 Apr 2017 8:46am

China’s life insurance market ends 2011 on stronger note

Data from the China Insurance Regulatory Commission (CIRC), published by the countrys official news agency Xinhua, reflects an increase of 6.8% in premium income compared with 2010 to CNY969.98bn ($154bn)

By LII editorial

Chart showing the premium income of the China life insurance market, 2005-2009Indicating that it could be over the worst, China’s life insurance industry finished 2011 on a stronger note than appeared likely during most of the year. Data from the China Insurance Regulatory Commission (CIRC), published by the country’s official news agency Xinhua, reflects an increase of 6.8% in premium income compared with 2010 to CNY969.98bn ($154bn).

The rise came after a weak start to the year which as recently as August had seen life insurance premium income down 6.4% compared with the first eight months of 2010. However, while the rise in premium income in 2011 is a positive development, it was significantly lower than the 21.8% increase recorded in 2010.

Setting the pace in China’s insurance market in 2011 was the general insurance sector which the CIRC reported has achieved an 18.5% increase in premium income to CNY461.79bn. This took total premium income in China to CNY1.43trn in 2011, an increase of 5.3% compared with 2010.

Of the major insurers, top performer in 2011 was China’s second-largest insurer Ping An which reported preliminary life premium income of CNY118.87bn, up 28% compared with 2010. Ping An’s total premium income in 2011 rose 30% to CNY207.43bn with general insurance premium income rising 34% to CNY83.33bn.

China Life, China’s largest insurer, reported preliminary premium income of CNY318.3bn, virtually unchanged compared with 2010.

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