First-Quarter Profit of China Insurers May Have Risen 110%, Regulator Says

The combined first-quarter profit of China’s insurers may have risen 110 percent from a year earlier to 18 billion yuan, Wu Dingfu, Chairman of the China Insurance Regulatory Commission, said in a statement posted to the regulator’s Web site.

First-quarter premiums gained 39 percent from a year earlier to 454 billion yuan, according to the statement. Wu also reiterated in the statement that China’s insurers aren’t allowed to invest in property.

To contact the reporter on this story: Jian Guo Jiang in Shanghai at jjiang@bloomberg.net

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