Foreign insurance companies in Shanghai reported a significant increase in life premiums in the first half of the year, while domestic firms saw decreases in the sector.

Overseas companies collected 4.28 billion yuan (US$56.56 million) from life insurance premiums in the first six months, increasing 38.8 percent year on year.

The rise was attributed to the huge jump in bancassurance revenue, which jumped 87.1 percent to 2.07 billion yuan during the period, said the China Insurance Regulatory Commission's Shanghai Bureau today.