The People's Insurance Company of China (PICC) said first-half premium income rose 68 percent year-on-year to 86.4 billion yuan (US$12.5 billion).

PICC became the second-largest insurer by premium income, second only to the China Life Insurance.

Premium income for property insurance was 58.9 billion yuan, up 19 percent, while that for life and health insurance surged 15 times to 27.4 billion yuan, the company said in Beijing on Friday.

Total assets under management rose 82 percent during the first half. At the end of 2007, total assets stood at 147.1 billion yuan, up 33 percent for the full year.

(Xinhua News Agency July 14, 2008)