China Life Gained CNY204.6bn in Jan-Jul Premiums

China's biggest life insurance company Beijing-based China Life (601628.SH, 2628.HK) from this January to July made primary premium revenues of CNY 204.6 billion under the new accounting standards, according to an announcement of the company.

Without considering the new accounting policy, the life insurer realized premium revenues of CNY 214.7 billion during the first seven months of this year, compared to CNY 191.1 billion during the first seven months of last year. This July, the Beijing-based insurer gained single-month premiums of CNY 21 billion, up 14.13% year on year but down 26.83% month on month.

Another one the southern boomtown Shenzhen-based Ping An Insurance (Group) Company of China Limited (601318.SH, 2318.HK) achieved premiums of CNY 138.82 billion in the period from this January to July, with life insurance premiums of CNY 101 billion. Under new accounting standards, Ping An in the seven months harvested original premiums of CNY 95.8 billion, shrinking much compared to that without considering the new accounting standards.