SHENZHEN, Nov 09, 2009 (SinoCast Daily Business Beat via COMTEX) --

Things for China's life insurance industry are turning for the better along with the global economic recovery.

During the January-September period, the industry's premium income totaled CNY 624.9 billion, up 4% year on year, with CNY 3.1 trillion in total assets and CNY 36.9 billion in net profits, according to Chen Wenhui, assistant to the chairman at the China Insurance Regulatory Commission.

The top seven life insurance companies reaped CNY 35.8 billion in new business value, an increase of 40% on a year-on-year basis. In the meanwhile, the number of insolvent life insurance companies decreased to five from eight.

Mr. Chen adds that the industry is undergoing a crucial transitional period, with the premium income ranking top globally.

Though the premium income soared 28% from 2002 to 2008, the industry's assets make up a mere 5% of China's total financial assets, representing a potentially huge and mostly untapped market in the third largest economy.

Source: dycj.ynet.com (November 09, 2009)