The insurance industry posted 1.34 trillion yuan (US$220.85 billion) in premium income in the nine months to September, up 11.2 percent year on year, the official Xinhua news agency reported Thursday, citing the China Insurance Regulatory Commission (CIRC). Net profit likely grew 134.9 percent to 91.75 billion yuan, the report said. At end-September, the industry had combined assets of 8.05 trillion yuan, up 9.5 percent from the beginning of the year. There is ample room for further expansion in line with China’s recovering economic growth, a CIRC spokesperson was quoted as saying. China is the world’s fourth largest insurance market, the report said.
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