Insurers Benefited from Business Structure Adjustment

BEIJING, Nov 11, 2009 (SinoCast Daily Business Beat via COMTEX) --

China's life insurance market is expected to see sharp growth from November 2009, said Chen Wenhui, an assistant to the chairman of the China Insurance Regulatory Commission (CIRC), the top Chinese insurance regulator.

And life insurers in the market are expected to achieve goals of experiencing stable growth this year.

The CIRC guided insurers nationwide to adjust business structures from last August and the latter are proved to have benefit from the adjustments. Statistics show that premium revenue they gained in the first nine months of 2009 reached CNY 624.9 billion, representing a yearly rise of four percent. Assets totaled CNY 3.1 trillion as at September 30, with net profit hitting CNY 36.9 billion. Solvency premium was CNY 127 billion, with the number of those whose solvency is unqualified sliding to five from previously eight. New business value of the nation's top seven life insurers hit CNY 35.8 billion, up 40 percent.