Chinese Insurers Post Lower Premium Income Growth


PICC Property and Casualty (2328.HK), China Pacific Insurance Group (601601) and Ping An Insurance Group (601318,2318.HK) released premium income data for February, reports, citing filings by the three insurers.
PICC Property and Casualty recorded premium income of 29.9 billion yuan during the first two months, while China Pacific Insurance and Ping An recorded premium income of 33 billion yuan and 52.6 billion yuan, respectively.
Ping An Life Insurance, Ping An Health Insurance, Ping An Annuity recorded a 7.3 percent year-on-year increase in premium income to 15.4 billion yuan in February, bringing the total for the first two months to 37 billion yuan, up 12.3 percent.
China Pacific Insurance posted a 3.9 percent year-on-year drop in premium income in February to 9.8 billion yuan, and the figure for January and February combined hit 22 billion yuan, an increase of 0.5 percent.
CICC attributed the low growth rate of China Pacific Insurance to a drop of more than 30 percent from bancassurance sales.
Both three insurers posted relatively large month-on-month rises in premium income in February, while the growth rates for the first two months slowed from the same period last year.
The slowdown was due to weak automobile sales, added CICC.


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