Indicating that it could be over the worst, China’s life
insurance industry finished 2011 on a stronger note than appeared
likely during most of the year. Data from the China Insurance
Regulatory Commission (CIRC), published by the country’s official
news agency Xinhua, reflects an increase of 6.8% in premium income
compared with 2010 to CNY969.98bn ($154bn).
The rise came after a weak
start to the year which as recently as August had seen life
insurance premium income down 6.4% compared with the first eight
months of 2010. However, while the rise in premium income in 2011
is a positive development, it was significantly lower than the
21.8% increase recorded in 2010.
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Setting the pace in China’s
insurance market in 2011 was the general insurance sector which the
CIRC reported has achieved an 18.5% increase in premium income to
CNY461.79bn. This took total premium income in China to CNY1.43trn
in 2011, an increase of 5.3% compared with 2010.
Of the major insurers, top
performer in 2011 was China’s second-largest insurer Ping An which
reported preliminary life premium income of CNY118.87bn, up 28%
compared with 2010. Ping An’s total premium income in 2011 rose 30%
to CNY207.43bn with general insurance premium income rising 34% to
CNY83.33bn.
China Life, China’s largest insurer, reported preliminary
premium income of CNY318.3bn, virtually unchanged compared with
2010.
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