Apr. 20, 2012 (China Knowledge) - China Pacific Insurance (Group) Co Ltd<601601><2601>, the country's third-largest life insurer by premium, said yesterday that its premium income hit RMB 49.3 billion in the first three months of this year.

The figure reflected a 2.49% increase from the same period of last year.

The Shanghai and Hong Kong-listed insurer said in a statement that its premium income from life insurance business was RMB 32.1 billion in the reporting period.
 
The premium income from the property insurance business was RMB 17.2 billion in the first three months.

Bigger rival Ping An Insurance (Group) Co<601318><2318> has said that its insurance premium income amounted to RMB 74.58 billion in the first three months of this year, reflecting a year on year increase of 7.3%. The group's premium income form life insurance business and property insurance business was RMB 48.44 billion and RMB 24.23 billion, respectively, according to an earlier report from China Knowledge.