China’s insurance income reaches $ 342 billion in H1

China’s insurance premium income reached 2.3 trillion yuan ($ 342 billion) in the first half of the year, up 23 percent year- on- year, data from the China Insurance Regulatory Commission ( CIRC) showed on Thursday.

The domestic insurance industry has shown stable and fast development, optimized structure, stable capital returns and improved capability to prevent risks, Wang Wei, an official from the CIRC, told a press briefing.

Furthermore, insurance has been increasingly applied in the science and technology industries, with the number of innovative Internet- based insurance policies soaring 123.55 percent year- on- year to 4.67 billion, Wang said. For example, several insurers have rolled out special insurance measures such as accident insurance and property insurance to safeguard the development of China’s sharing economy, she said.

In addition, the industry’s capability to serve the real economy has also been enhanced. The fixed- term deposit balance in the industry totaled 1.43 trillion yuan as of June and has become a major source of mediumand long- term loans used to support the real economy.

During the conference, CIRC spokesman Zhang Zhongning said that the commission did not require Anbang Insurance to sell its overseas assets, in response to media reports that Anbang will sell overseas assets worth more than $ 10 billion at the request of the regulator.

The insurer announced on Tuesday that the company didn’t receive any request to dispose of its overseas assets and it has no plan to do so, domestic news site thepaper. cn reported. Currently, Anbang’s operations are normal, and the company has abundant cash and liquidity, the report said.