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China Insurers’ Quarterly Profit May Have Risen 110%, CIRC Says

April 21 (Bloomberg) -- 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.

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

To contact the editor responsible for this story: Bloomberg News at jliu42@bloomberg.net

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