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Guangdong's insurance premium income up 8.4% in 2011

Jan. 19, 2012 (China Knowledge) - South China's Guangdong Province saw its insurance premium income rise 8.4% year on year to RMB 121.9 billion last year, according to statistics released by the Guangdong Bureau of China Insurance Regulatory Commission.

The growth rate was 20 percentage points lower than that in 2010, due to slowing personal insurance business.

The province's property insurance premiums grew 19% year on year to RMB 36.77 billion, and its premium income from personal insurance business climbed 4.4% year on year to RMB 85.13 billion last year, after rising more than 28% in 2010.

The property insurance business realized RMB 2.18 billion in underwriting profit last year, 38.2% more than in 2010, and non-property insurers in the province earned RMB 690 million in underwriting profit, more than three times the profit in 2010.

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