NCL posts 57 percent rise in premiums to June

New China Life Insurance (NCL) recorded 14.55 billion yuan (1.81 U.S. dollars) in premium income in the first half, up 57 percent from the same period last year and accounting for 65.2 percent of this year's anticipated income.

China Insurance Regulatory Commission (CIRC) said NCL had developed well since it was established in 1996, holding 6.3 percent of the country's life insurance market.

As of June, its total assets exceeded 74.5 billion yuan (9.3 billion U.S. dollars), ranking fourth after China Life, Ping An Life and Pacific Life in the life insurance sector.

NCL earned an 8.3-percent return on investment of its insurance funds in the first half, while every line of business grew rapidly with new contract standard premiums up 65 percent, group insurance premiums up 27 percent, premiums via agencies up 67 percent and renewal premiums up 47 percent.

The industry's life insurance premium income increased 11.3 percent to 200.56 billion yuan in the first half.

Source: Xinhua