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BEIJING, Sept 1 (Reuters) - Premium income for China’s insurance industry slowed further in the January-July period, as regulatory measures taken to slow risky and aggressive behavior continued to impact the market, official data showed on Friday.
Total premium income for China’s insurance industry in the first seven months increased 21.3 percent to 2.53 trillion yuan ($384.50 billion), compared with a jump of 35.4 percent in the same period last year, the China Insurance Regulatory Commission (CIRC) said in a release on Friday.
Growth in life insurance premium income from the January-July period slowed to 23.9 percent, to 1.96 trillion yuan, compared with 47.7 percent growth for the year-ago period, according to Reuters calculations of CIRC filings.
The decline comes as CIRC intensifies its widespread regulatory crackdown on the excessive use of universal life products. A handful of insurance firms, which have issued higher-yielding products to raise funds to acquire stakes in market-listed companies, have been punished.
The insurance regulator has suspended Anbang Life, a key part of Anbang Insurance Group Co, and Foresea Life, a unit of financial conglomerate Baoneng Group, from applying or selling universal life insurance products.
Premium income for property insurance firms rose 14.1 percent during the first seven months of this year to 609.55 billion yuan, CIRC said.
Outstanding investment stood at 14.4 trillion yuan, up 7.73 percent from the beginning of this year, CIRC data showed.
$1 = 6.5799 Chinese yuan renminbi Reporting by Lusha Zhang and Matthew Miller; Editing by Simon Cameron-Moore