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The People’s Insurance Company Group of China (PICC) announced on Tuesday that its insurance premium income exceeded 170 billion yuan (US$25.21billion) in the first eight months of this year, up 35 per cent year on year.
By the end of August, total assets of the PICC reached 389.844 billion yuan, an increase of 87.495 billion yuan from a year ago; and total assets under the group’s management hit 856.19 billion yuan, up 29.9 per cent year on year.
The group’s property insurance business grew steadily in the first eight months, with total property insurance premium income surpassing 100 billion yuan, maintaining its dominant position in China’s non-life insurance market,
Meanwhile, the group’s personal insurance business realized rapid growth, with life insurance premium and health insurance premium growing 60.5 per cent and 85.59 per cent year on year.
The group’s general profitability also improved significantly in the period, according to the announcement.
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