Monday, November 9, 2009

China's life insurance industry profits at 36.9 bln yuan, Jan.-Sept.

life insurance

BEIJING, Nov. 9, 2009 (Xinhua News Agency) -- China's life insurance industry realized profits of 36.9 billion yuan from January to September, said Chen Wenhui, assistant to the chairman of China Insurance Regulatory Commission (CIRC), on November 6.

According to Chen, the life insurance industry reaped total premiums of 624.9 billion yuan in the year's first nine months, up four percent year on year; its total assets reached 3.1 trillion yuan.

The value of China's seven largest life insurance companies' new business totaled 35.8 billion yuan by the end of September, a 40 percent increase year on year.

Chen said that the CIRC will continue promoting the industry's business restructuring next year, and urge life insurance companies to focus on long-term savings and risk prevention businesses.

The CIRC will strengthen its supervision, especially on insurers' solvency conditions, and support insurers' new innovations.

Chen said that the regulator will coordinate with relevant taxation departments to help craft favorable tax policies, in an effort to support Shanghai's old-age insurance pilot program.