China: Premiums grow by 6.1 percent

The China Banking and Insurance Regulatory Commission has confirmed that insurance companies had recorded primary insurance premium income of RMB4.5 trillion, showing growth of 6.1 percent year on year at the end of Q4 2020. The number of new insurance policies was 52.6 billion, marking an increase by 6.3 percent year on year. At the end of 2020 Q3, the average comprehensive solvency ratio of the insurance companies reviewed was 242.5 percent, and the average core solvency ratio was 230.5 percent, according to a statement.

Compared with the beginning of the year, assets of property and casualty insurance companies registered RMB2.3 trillion, up by 2.1 percent; assets of life insurance companies reached RMB20 trillion, up by 17.8 percent; assets of reinsurance companies recorded RMB495.6 billion, up by 16.3 percent; assets of insurance asset management companies were RMB76.1 billion, up by18.7 percent.

At the end of 2020 Q4, total assets of the insurance companies amounted to RMB23.3 trillion. It increased by RMB 2.7 trillion and up by 13.3 percent from the beginning of the year. Compared with the beginning of the year, assets of property and casualty insurance companies registered RMB 2.3 trillion, up by 2.1 percent; assets of life insurance companies reached RMB 20 trillion, up by 17.8 percent; assets of reinsurance companies recorded RMB 495.6 billion, up by 16.3 percent; assets of insurance asset management companies were RMB 76.1 billion, up by 18.7 percent.