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Net assets of China's insurance industry up 17.5%

(Xinhua)
Updated: 2009-07-31 11:23

Net assets of China's insurance industry rose 17.5 percent from the beginning of this year to 329.9 billion yuan ($48.3 billion) by the end of June, Yuan Li, a spokesman of the China Insurance Regulatory Commission (CIRC), told reporters Friday morning.

The CIRC would facilitate China United Property Insurance Co Ltd to introduce strategic investors to inject capital into the company, improve its governance and guarantee its sustainable operation, Yuan said.

The insurer suffered losses in recent years due to fast expansion of branches, weak management capabilities and rising operation costs, he added, without giving specific figures.

The Xinjiang-based insurance company is the country's fourth-largest property insurer.