Friday, April 20, 2018

Ping An life insurance premium income up 34%

Increased sales of individual policies helped to spur growth for Chinese insurer Ping An Insurance during the January-to-November period, according to a recent filing.

The regulatory filing revealed that the company’s individual business grew 36.4% year on year, backed mainly by increases in both new business and renewal business.

For its life business, the company booked 34.2% growth in accumulated gross premium income.

During the period, gross premium income for the life business reached Rmb361.6 billion ($54.63 billion) as compared with Rmb269.39 billion a year ago, the company said in an exchange filing.

Earlier, the company noted that H1 was its best performance in more than 10 years.

The country’s second-largest insurer by market value logged its highest first-half profit in over a decade due to strong growth in life premiums.

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