Original insurance premium income posted a decline of 2.36 percent to 2,467.023 billion yuan during January and July, presenting a narrower decrease than that in January-June period, according to statistics from China banking and securities regulatory commission. Original insurance premium income in July reached 230.083 billion yuan.
Original insurance premium income of property insurance companies and life insurance companies came at 89.144 billion yuan and 140.939 billion yuan in July, respectively. The growth structure saw slightly adjustment when compared with that in the first six months. Property insurance companies saw slowdown in growth, while life insurance companies enjoyed narrower decrease.
Statistics showed that insurance industry provided insurance worth 4,606.76 trillion yuan in the first seven months of this year and 720.48 trillion yuan in July. The coverage of casualty insurance stood at 2,705.19 trillion yuan during January and July, the highest among other kinds of insurance.
Outstanding insurance funds surged further. Bank balance dropped by 87.877 billion yuan from late June, and its proportion in the outstanding insurance funds also fell from 13.65 percent at the end of June to 13.09 percent. Funds for stock and securities investment also climbed significantly by 106.844 billion yuan from late June, and its proportion also hiked from 11.99 percent at the end of June to 12.66 percent.
In terms of life insurance companies, original insurance premium income of Ping An Life Insurance recorded 26.959 billion yuan in July, while that of 25.226 billion yuan of China Life Insurance Company. China Life Insurance Company was outpaced by Ping An Life Insurance again in terms of monthly original insurance premium income except in February. Its original insurance premium income hit the lowest level in the previous month, which was less than half of that in June.
Original insurance premium income of property insurance companies was quite flat in July. Except that Ping An Property Insurance Company boasted outstanding performance in earlier stage, the original insurance premium incomes of other three major property insurance companies including People's Insurance Company of China, China Pacific Life Insurance Co., Ltd. and China Life Property & Casualty Insurance Company Limited were all lower than the average of previous period but only a little higher than the lowest record set in February.
Guangdong, Jiangsu and Shandong provinces gained the highest original insurance premium incomes in July, which were 21.809 billion yuan, 19.191 billion yuan and 14.649 billion yuan, respectively. Due to premium incomes of Jiangsu much higher than that of Guangdong in February, Jiangsu ranked ahead of Guangdong in terms of total premium income in the first seven months.
Translated by Vanessa Chan
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