Guangdong Q1-Q3 Bancassurance Premium Hit CNY29bn

The premium revenue insurers gained from bancassurance business in south China's Guangdong Province reached 29.45 billion in the first nine months of this year, accounting for 9.92 percent of the total insurers nationwide gained from the business during the period.

The premium revenue let the province rank number one across the country. In addition, the province's bancassurance business structure continues improving. Of the CNY 29.45 billion, CNY 2.74 billion, or 9.92 percent, was from installment products, surging by 89.92 percent year on year, 5.25 percentage points from a year ago.

In order to regulate the market, the Guangdong Insurance Regulatory Commission, the top local insurance regulator, attaches rising importance to crack down irregular activities in it. For instance, it required insurers in the province to open dependent accounts for transfer payment for such business. Notably, it in June teamed up with the China Banking Regulatory Commission, the top Chinese banking regulator.