China’s Insurers Notch Premium Growth Despite Slowing Economy
China’s top insurance companies posted premium income growth in the third quarter despite a slowing economy, even as sliding domestic stock markets took a major bite out of the profits of sector leader China Life Insurance Co. Ltd.
Despite a gloomy outlook that saw China recently post its slowest quarterly economic growth in a decade, the four insurers all posted higher premium income in the third quarter. The companies and analysts attributed that strength to high renewal rates, as Chinese customers become more comfortable with insurance products.
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