China's listed insurers post steady premium growth in 9 m
Saturday, 11 02 2019, Category: Insurance and Reinsurance, Country: China
China's top five A-share listed insurance companies reported premium income of 1.94 trillion yuan (274.95 billion U.S. dollars) in the first three quarters of this year.
The reading was up 8.8 percent year on year, the Shanghai Securities News reported Monday, citing company statements.
Specifically, the premium income of PICC (People's Insurance Company of China) registered the fastest growth during the nine-month period. Its premium income rose by 11.93 percent to 437.27 billion yuan.
During the same period, Ping An Insurance, China Life Insurance, China Pacific Insurance and New China Life Insurance saw their premium income grow by 9.5 percent, 6.08 percent, 8 percent, and 7.9 percent, respectively.
Ping An Insurance's net profit attributable to equity holders surged 63 percent year on year to 129.6 billion yuan in the first three quarters, according to the firm's statement filed to the Shanghai Stock Exchange.
The remarkable growth was mainly driven by life and health insurance business and property insurance business, said Guosen Securities in a research note.
Various institutions forecasted steady Q3 performance for the insurance giants, anticipating more room for growth in Q4 and 2020, according to the paper.