China:Insurance industry sees net profit soar by 123% in Jan-Sep period

China's insurance sector posted strong profit growth in the first three quarters due to improved operations and government tax reductions, according to a report by Xinhua News Agency.

During the January-September period, the industry's net profit neared CNY280bn ($40bn), up by 122.7% from the same period last year. Net profit for life insurance companies stood at CNY230bn, soaring by 114.8% while that for property insurers jumped by 167.3% to CNY50bn.

The profit growth came after authorities tightened regulations last year to fend off financial risks in the insurance market and liberalised rules on tax deductions.

Source: Asia Insurance Review