Friday, January 19, 2018

US$2.2tr of China’s insurance funds utilised in Q1-Q3

The China Insurance Regulatory Commission (CIRC) said a total of Rmb14.6tr (US$2.2 trillion) of China’s insurance funds were utilised in the first three quarters of this year.

The amount was 9.38% higher than the total insurance funds used as of the end of last year. According to the data released by CIRC, insurance funds allocated for bonds reached Rmb5.13 trillion, accounting for 35% of the total insurance funds utilised during the said period.

Bank deposits reached Rmb2.01 trillion while stock and securities investments hit Rmb1.88 trillion.

Other investments reached Rmb6.53 trillion, or 38.41% of the total for the nine-month period.

From January to September of this year, the original insurance premium income of China’s insurance industry amounted to Rmb3.05 trillion, up 21.01% from a year earlier.

Of this total, the premium revenues of original property and casualty insurance business reached Rmb723.028 billion, an increase of 13.49% year-on-year.

Net assets of the insurance industry rose 7.86% from January to September to reach Rmb1.86 trillion, CIRC data further showed.

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