Total assets of Chinese insurers rise by 6.9% to RMB 22trn

Written by Adam Cadle

11/08/2020

Total assets of Chinese insurers amounted to RMB 22trn at the end of H1 2020, up by RMB 1.4trn or 6.9% from the beginning of the year, latest figures published by the China Banking and Insurance Regulatory Commission (CBIRC) have shown.

Compared with the beginning of the year, assets of property and casualty insurance companies registered RMB 2.4trn, up by 5.3%; assets of life insurance companies reached RMB 18.6trn, up by 9.6%; assets of reinsurance companies recorded RMB 513.3bn, up by 20.5% and assets of insurance asset management companies were RMB 64.3bn, up by 0.5%.

During the first half of 2020, insurance companies had recorded primary insurance premium income of RMB 2.7trn, up by 6.5% year on year. The claim and benefit payments reached RMB 630.8bn, up by 1.2% year on year.

The volume of insurance policies grew at a rapid pace. In the first half of 2020, the number of new insurance policies was by 23.9bn, up by 28.0% year on year.

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