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Chinese insurance industry profits soar 95 pct in Jan.- Sept.

Xinhua, October 30, 2015 Adjust font size:

Profits of China's insurance companies rose an estimated 95 percent year on year to reach 244 billion yuan (38.4 billion U.S. dollars) in the first three quarters, the China Insurance Regulatory Commission (CIRC) said on Friday.

The industry's revenues from premiums grew 19.5 percent to reach 1.9 trillion yuan during the period, while total industry assets stood at 11.6 trillion yuan, up 14 percent over the beginning of the year, according to CIRC.

Life insurance expanded more than any other category with a 21.3-percent growth rate.

Foreign insurance companies posted strong performance, reporting premium revenue growth of 27.3 percent to reach 85.8 billion yuan. Their business accounted for 4.5 percent of China's insurance market, up 0.27 percentage points. Endi