China's insurance companies reduced investment in equities in July in a bid to evade from risk of stock market plunge, insurance regulator said on Tuesday.
According to latest statistics published by China Insurance Regulatory Commission (CIRC) on Tuesday, balance of funds managed by Chinese insurers totaled 10.17 trillion yuan by the end of July, up 9.02 percent from the beginning of the year.
Among this, 1.38 trillion yuan were invested in stocks and funds, representing 13.56 percent of the total. Such investment was 1.54 trillion yuan at the end of June, accounting for 14.84 percent of the total.
Meanwhile, investment in banking deposits and bonds amounted 2.54 trillion yuan by the end of July, representing 25 percent and 35.01 percent of the total, respectively. Such investment was 2.68 trillion yuan and 3.55 trillion yuan by the end of June, accounting for 25.84 percent and 34.27 percent of the total, respectively.
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