Chinese insurance companies report strong profit growth

BEIJING (Xinhua) – China’s insurance sector posted strong profit growth in the first three quarters due to improved operations and government tax reductions, Shanghai Securities News reported.

During the January-September period, the industry’s net profit neared CNY280 billion (about USD40 billion), up 122.7 percent from the same period last year.

Net profit from life insurance companies came in at CNY230 billion, up 114.8 per cent, while that from property insurers surged 167.3 per cent to 50 billion yuan, according to the report.

Small and micro insurers reported solid growth. Their market share stood at 7.31 per cent in the first nine months, up 2 percentage points from the same period last year.