The Chinese insurance sector has seen a strong increase in revenues derived from premiums in the first quarter of 2021, as China’s economy continues to stage a recovery from the impacts of COVID-19.
In the first quarter of 2021 the Chinese insurance sector posted insurance premium revenues of 1.8 trillion yuan, for a YoY rise of 7.8%, according to figures released by the China Banking and Insurance Regulatory Commission (CBIRC).
This included 296.9 billion yuan in premium revenues for asset insurance operations, for a YoY rise of 0.2%, and 1.5 trillion yuan in premium revenues for personal insurance operations, for a YoY rise of 9.4%.
Personal insurance companies saw premium revenues of 1.42 trillion yuan in the first quarter, for a YoY rise of 8.3%, with life insurance operations seeing premium revenues of 1.16 trillion yuan, for a 7.8% YoY rise.
Accidental insurance premium revenues were 16.6 billion yuan, for a YoY decline of 4.6%, while health insurance premium revenues were 238.4 billion yuan, for a YoY rise of 12.3%.
Asset insurance companies saw premium revenues of 380.9 billion yuan, for a YoY rise of 4.8%, including health insurance premium revenues of 68.2 billion yuan, for YoY growth of 31.7%.
As of the end of the first quarter total insurance sector assets in China were 24.26 trillion yuan for a YoY rise of 11.7%. Net assets were 2.73 trillion yuan, for a YoY rise of 9.4%.
The insurance fund operating balance was 22.49 trillion yuan, including 2.76 trillion yuan in bank deposits, 8.24 trillion yuan in bonds, and 2.87 trillion yuan on stock and securities investment funds.