Three of four major insurers report income growth
Updated: 2012-08-20 16:55
By Wu Yiyao in Shanghai (chinadaily.com.cn)
China's four major life insurers generated 511.16 billion yuan ($81 billion) worth of insurance income in the first seven months of 2012, according to corporate reports filed on Monday.
The building of Ping An Insurance (Group) Company of China Ltd in Shanghai, July 31, 2011. [Shao Chang/Asianewsphoto]
China Life was the only one of the four not to see year-on-year growth in insurance income.
It reported a 5.57 percent drop in insurance income in the first seven months, from 215.3 billion yuan in the same period last year to 203.3 billion yuan.
Ping An reported 143.7 billion yuan of income from January to July 2012, an 11 percent year-on-year growth; China Pacific Insurance reported 101.5 billion yuan, a 4.2 percent year-on-year growth, and New China Life Insurance reported 62.66 billion yuan, a 10 percent year-on-year growth during the first half of 2012.
A research note from Haitong Securities Co Ltd said many insurers reported year-on-year decrease of net profits in the first half of 2012 due to asset devaluation.