Insurers report lower premium income growth
Insurance premium income of Chinese insurers grew at a slower pace in the first three quarters of this year as regulators stepped up efforts to curb growth through risky investments and instead focus on traditional insurance products.
Insurance companies' premium income rose to 3.05 trillion yuan ($460 billion) during the period, up by 21 percent year-on-year. It was 11.17 percentage points slower than the figure of the same period last year, data from the China Insurance Regulatory Commission showed on Thursday.
"The slower growth represents a healthier development of the industry, as the curbs on high-yield products, such as universal insurance, to contain financial risks have taken effect," said Wang Guojun, an insurance professor at the University of International Business and Economics in Beijing.
