Chinese insurers' premium income up 21%

BEIJING - Premiums received by Chinese insurers have risen 21 percent in the first three quarters compared with the same period last year.

Premiums reached 3.05 trillion yuan (about $460 billion) from January to September, according to the China Insurance Regulatory Commission (CIRC).

Property insurance business income from premiums rose 13.5 percent year-on-year to 723 billion yuan, the CIRC said in a statement.

Income from life insurance business stood at 2.3 trillion yuan, up 23.6 percent.

The commission attributed the steady growth to improved corporate structure, internet business and risk management.

Since the beginning of this year, financial regulators have worked to prevent systemic risks as the importance of financial security grows.

In July, the CIRC said the whole sector would put risk control in a more important position.

By the end of September, the industry had combined assets totaling 16.6 trillion yuan, up 9.7 percent from the beginning of the year.