Insurers report big surge in Q1 premium revenues

Chinese insurers saw record growth in premium revenues in the first quarter but their profitability will likely be challenged by the slowing economy and the volatile capital market, the Chinese insurance regulator said on Tuesday.

Total premium revenues across the insurance industry rose to 1.19 trillion yuan ($184 billion) in the first quarter, an increase of 42.18 percent from the same period of last year, according to data from the China Insurance Regulatory Commission.

Life insurance business outperformed the property and auto insurance businesses, with their total premium revenues rising by 50.18 percent year-on-year to 845.9 billion yuan.