China's PICC sees higher premium income

BEIJING - People's Insurance Company of China Ltd (PICC), the country's leading insurer, reported higher premium income in the first half of the year (H1).

The company's premiums registered 336.84 billion yuan ($48.89 billion) in H1, according to the company's statement filed to the Shanghai Stock Exchange.

Its H1 net profits reached 12.6 billion yuan, down 18.8 percent year-on-year.

In the period, the comprehensive solvency adequacy ratio of the company stood at 325 percent, while the core solvency adequacy ratio logged 271 percent, both running at high yet safe levels, the PICC said.

By the end of June, the company's total assets amounted to 1.27 trillion yuan.