Ping An life insurance premium income up 34%December 14 2017 by InsuranceAsia News Staff
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.
- June 1
The change for life insurance JVs is proposed in the latest draft regulatory amendments under consideration.
- May 24
Dwindling sales of savings-type products and weaker investment returns are reducing income.
- May 14
Linked policies recorded the highest growth, up 82% from the same period last year.
- May 2
Shareholders will carry out a detailed evaluation of shortlisted bidders over the next couple of weeks.