Insurers enjoy a double bonus
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Domestic insurers are expected to have more than doubled their net income in the first quarter of this year on a yearly basis as the economy strengthened, according to the China Insurance Regulatory Commission.
Insurance companies are estimated to have earned 18.03 billion yuan (US$2.64 billion) in net income in the first quarter, a rise of 110 percent from a year earlier, and their investment returns topped 46.63 billion yuan in the period with an average return of 1.23 percent, the commission said in a statement on its Website.
The investment return is similar to a year earlier but lower than a yield of 6.41 percent for the last whole year because of the fluctuating equity market in the period.
Overall premiums in the three months reached 454.1 billion yuan, an increase of 38.6 percent from a year earlier, compared with a 13.8 percent rise in 2009.
Wu Dingfu, director of the commission, reiterated that insurance capital was barred from being invested in residential housing projects, commercial property projects or real estate development.
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