Insurance Profits Double In The Chinese Sector
The Chinese insurance industry has surprised experts with record profits of 204.7 billion Yuan (equivalent to almost £22 billion) in 2014 which is more than double the profits of the previous year. The country’s capital gains from premium investments stood solid at 535.9 billion Yuan (£57 billion) including a rate of investment return of 6.3% (according to data coming from the Chinese Insurance Regulatory Commission).
The total premium income from Chinese insurance companies increased by 17.5% in 2014 which totaled 2.02 trillion Yuan. The total assets for the insurance sector reached 10.2 trillion Yuan which is a massive 22.6 percent increase from the figures stated at the beginning of 2014. China has made good progress in their insurance fund investments thanks to the loosening of restrictions by the regulator. Private and foreign investors have also been allowed to enter China’s insurance sector and the share-holding limit has been increased by a further 20 percent.
This isn't the only positive piece of information from the Chinese insurance market. One of the Chinese insurance groups (Ping An) has purchased an office property in London worth £327 million. Ping An purchased the tower property late last night. The property was designed by the famous architect Sir Norman Foster and it sits in the prestigious insurance district in London. The firm is no stranger to buying expensive property in London either – Ping An bought the Lloyds Building in the financial district in July 2013.
James Savery, 23 January 2015