China's insurance industry premium income fell by 19.9% to CNY685 billion (US$109 billion) in January, according to data from the country's insurance regulator, according to data from the CIRC.
This contrasts with an increase of 18.2% in January 2017 when premiums reached CNY855 billion.
More specifically, the data show:
||2017 Premiums (CNY bln)
||2016 Premiums (CNY bln)
The decline in life premiums in January 2018 is attributed to the CIRC's crackdown last year on risky short-term universal life insurance products.
Total assets of the insurance industry stood at CNY16.9 trillion at the end of January, representing an increase of 0.93% from the beginning of the year.
January 2017's life premiums contributed 32% of the total life premiums of CNY2,675 billion for the whole of last year.