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Huahai Property reports income increase | Updated: 2018-01-16 17:27

Huahai Property & Casualty Insurance Co Ltd, a company specializing in marine insurance, reported a 31.1 percent premium income increase in 2017.

Its total premium income reached 1.553 billion yuan ($242 million) by the end of last year. And the annual growth rate in the past three years since its opening stood at 202.4 percent.

According to Jiang Nan, president of Huahai Property, the insurer's solvency ratio was 212.5 percent and its total assets reached 2.44 billion yuan by the end of 2017. It has achieved a net negative profit of 23 million yuan, a decrease of 77 million yuan and a significant decrease concerning the comprehensive income of 254 million yuan over the previous year.

"Huahai featured marine insurance from the very beginning, and will continue to do so in the future," Jiang said. By the end of 2017, the company has signed a total of more than 100 pieces of marine insurance service agreements and a total of 21,522 marine insurance policies, with a premium income of approximately 82.03 million yuan in this sector.

Established in 2014, Huahai Property has a registered capital of 1.2 billion yuan. It ranked 37th among 84 property and casualty insurance companies last year in terms of its premium income.

According to Han Yansu, an insurance professor at Central University of Finance and Economics, it usually takes seven to eight years to reach a break-even point for a start-up insurance company.

Niu Yilin contributed to this story.

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