PROFITS MORE THAN DOUBLE AT PICC ON STOCK ADVANCES

Chinese insurer PICC P/C, the mainland’s largest non-life insurer, has recorded first-half net income of 3.2bn yuan ($412.6m), up from 1.3bn yuan for the same period last year, gaining from investment returns on a stockmarket which has more than doubled over 12 months. Gross premiums written rose by 27% to 49.5bn yuan, lower than the average industry gain in the segment of 37%. Net premiums minus reinsurance costs were up 23% to 33.1bn yuan, helped mainly by the increased revenue from mandatory third-party cover. Motor vehicle business accounts for 77% of PICC P/C’s premiums. The company’s market share fell to 43.8% from 47.3% in the same period last year. The move followed the formal confirmation by Ping An on Monday that it’s income for the first half had more than doubled to 9.7bn yuan. China’s largest assurer, China Life, reports on August 28.