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The total assets of the Chinese insurance industry increased 22.3% in 2012 to 7.36 trillion yuan ($1.18 trillion), crossing the CNY 7 trillion ($1.12 trillion) mark for the first time, reported JRJ.com citing the China Insurance Regulatory Commission.
Total insurance premium income of the industry increased 8% to CNY 1.55 trillion ($248.78 billion), with property insurance premiums up 15.4% to CNY 533.1 billion ($85.56 billion).
The top three Chinese non-life insurers all witnessed double digit growth rates in premium collected.
PICC’s non-life arm saw premium volume increase 11.3% to CNY 193 billion ($30.98 billion), while Ping An Insurance posted premium volume growth of 18.6% to CNY 98.8 billion ($15.86 billion) and Pacific Insurance P&C saw premium volume grow 13% to CNY 69.6 billion ($11.17 billion).