China's insurance industry saw a stable increase in premium income in 2018 amid tightened regulations aimed at defusing financial risks, official data show.
Property insurers collected CNY1.2tn in premium income, up 11.52% year on year, while life insurance firms saw premium income grow marginally by 0.85% to CNY2.6trn.
The combined premium in the industry totaled CNY3.8trn ($567bn) in 2018, up by 3.92% year on year, according to data from the CBIRC.
Major insurers reported relatively faster growth in premium income. Combined premium income of CNY2.19trn was posted by the five biggest listed insurers including Ping An Insurance and China Life Insurance, representing an increase of 10.8% year on year. Their premium total represented around 60% of the market.
The big insurers with their scale have been able to perform better in the market which in the last two years saw tightened regulations aimed at fending off financial risks in the market.
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