Caixin
Nov 02, 2018 05:17 PM
FINANCE

China’s Insurers Notch Premium Growth Despite Slowing Economy

Shares of the big four insurers have fallen over the past month amid a general stock market rout. But all have still outperformed a 7.7% drop in October for the benchmark Shanghai Composite Index. Photo: IC
Shares of the big four insurers have fallen over the past month amid a general stock market rout. But all have still outperformed a 7.7% drop in October for the benchmark Shanghai Composite Index. Photo: IC

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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