China Q1 insurance premium income 44.47 bln yuan, up 34 pct yr-on-yr

HONG KONG (AFX-ASIA) - China registered 44.47 bln yuan in insurance premium income in the three months to March, up 34 pct from a year earlier, the official Xinhua news agency said, citing the latest statistics from the China Insurance Regulatory Commission. 	    Of the 44.47 bln yuan, premiums from life insurance totalled 27.26 bln yuan and that from property insurance stood at 17.21 bln yuan.	    Chinese-funded insurance companies registered 43.7 bln yuan of premiums in the period, while foreign-funded companies registered 711 mln yuan worth of premiums, Xinhua said in a despatch monitored here.	    Ma Yongwei, chairman of the commission, attributed the increase in premium income to the upward trend of the country's macro-economy and its increasing efforts to supervise the insurance market.	    The demand for insurance is growing with the improvement in the country's social security system and the implementation of related policies, Ma said, adding that the credit measures launched by banking departments also promoted the demand for insurance as Chinese residents spent more on cars and housing.	    In the three months to March, the country's insurance companies paid out more than 10 bln yuan of indemnity, up 320 mln yuan from a year earlier, Xinhua added. 

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