China Banking insurance industry in the first half of 2021: original premium income reaches 2.9 trillion yuan, an increase of 5.2% year-on-year
Recently, at a press conference held by the Information Office of State Council, the China Banking and Insurance Regulatory Commission made an introduction on the operation and development of banking and insurance industry in the first half of 2021. Specifically, in the first half of 2021, the total assets of the insurance industry was 24.8 trillion yuan, a year-on-year increase of 12.7%; the balance of insurance funds used was 23.1 trillion yuan, a year-on-year increase of 14.9%; the original insurance premium income was 2.9 trillion yuan, a year-on-year increase of 5.2%.

More details for the first half of 2021 include:

1. The insurance amount is 5,276 trillion yuan, a year-on-year increase of 31.6%, and the accumulated compensation expenditure is 765.1 billion yuan, a year-on-year increase of 21.3%

2. New bond investment by bancassurance institutions is 3.4 trillion yuan

3. At present, the comprehensive solvency adequacy ratio of insurance companies is 246.7%, and the core solvency adequacy ratio is 234%, both at a relatively high level

4. As of the end of April, the average car premium dropped by 19.7%, surrendering profits of over 120 billion

5. 18 insurance companies participated in the implementation of critical illness insurance in 31 provinces (autonomous regions and municipalities), and covered 220 million urban and rural residents in nine years

6. China’s agricultural insurance has become the world’s largest agricultural insurance market with 81.5 billion yuan premiums, surpassing the US

Source: CBIRC
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