SHANGHAI, March 7 (Reuters) - China’s insurers saw their insurance premium income rise 18.16 percent in 2017 from a year earlier, the country’s regulator said in a Tuesday notice.
Insurance premium income hit 3.66 trillion yuan ($580.10 billion) at the end of last year, up 18.16 percent from the end of 2016, the China Insurance Regulatory Commission (CIRC) said in the notice posted on its official website.
The insurance premium income of life insurance firms rose 20.04 percent over last year to hit 2.60 trillion yuan.
Total premium income in 2016 rose 27.5 percent from a year earlier to 3.1 trillion yuan, marking the fastest pace of growth since 2008.
The CIRC, along with other financial regulators, have been ramping up their policing of risk in the sector, which has led to the CIRC’s seizure of Anbang Insurance and the curbing of leveraged business.
China’s insurance companies saw their net operating cash flow fall 65 percent to 633 billion yuan ($99.9 billion) last year, a source told Reuters in January, citing data in a government memo. (Reporting by Wang Jing and Engen Tham in Shanghai; Editing by Simon Cameron-Moore)