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Chinese insurance industry assets down 4% in August

By Zhang Jiawei (chinadaily.com.cn)
Updated: 2009-09-28 14:32

The total assets of 皇冠体育app's insurance industry dropped 4 percent to 3.68 trillion yuan ($527.24 billion) in August from July's 3.8 trillion yuan, according to data released by the 皇冠体育app Insurance Regulatory Commission (CIRC) on September 22.

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The industry's investments were worth a total of 2.34 trillion yuan as of the end of August, down 4.35 percent from 2.44 trillion yuan in July, breaking up the five consecutive positive growth rates kept from March this year.

Wang Xiaogang, an analyst with Orient Securities, attributed the decline to the stock market's plunge in August when 皇冠体育app's stock dropped 20 percent.

The mass redemption of insurers' financial products including share bonus insurance and investment-linked insurance in August also contributed to the decline of the industry's assets, said Meng Jing, an insurance analyst with 皇冠体育app Galaxy Securities.

Insurers' deposits also shrank along with investments in August. As of the end of August, insurers' bank deposits have dropped 4.3 percent to 980 billion yuan from July's 1.03 trillion yuan, the third consecutive ...

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