Chinese insurers continue to see double-digit premium income growth

BEIJING - Chinese insurers continued to see double-digit growth in combined premium income in the first quarter this year, latest official data showed.

Premium income topped 1.63 trillion yuan ($238.8 billion) in the first three months, up 15.9 percent year on year, according to data from the China Banking and Insurance Regulatory Commission.

Premium income from life insurance business went up 18 percent during the period, while that from property insurance increased 7 percent.

The steady income growth came after authorities tightened regulations last year to fend off financial risks in the world's second-biggest insurance market.

The sector has shown a stronger capacity to forestall risks as its overall leverage has gradually dropped and business structure improved, the regulator said in December last year.