Chinese major insurers report strong profit growth

China Life Insurance ranked first in growth of net profits

1 April, 2020 12:00 AM printer

BEIJING: China's five major insurance companies posted strong profit growth in 2019 due to improved operations and government tax reductions, Economic Information Daily reported.

The total net profits of these five insurance companies on the A-share market, including China Life Insurance Co. Ltd. and Ping An Insurance (Group) Company of China, Ltd., surged 72.2 percent year on year to 272.4 billion yuan (around 38.4 billion U.S. dollars), according to their annual financial reports.

Among them, China Life Insurance ranked first in the growth of net profits, with its net profits attributable to shareholders skyrocketing 411.5 percent year on year to 58.29 billion yuan in 2019, reports Xinhua.

Ping An Insurance (Group) Company of China was second to none in the amount of total net profits last year, reaching 149.4 billion yuan, said the paper.

The profit growth came after authorities' tax reduction policies and continued profitability of these insurers' investments in the equity market, according to the report.

 


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