China's insurance sector is booming even as the rest of the economy slows. Ping An's net profit grew 38 per cent last year as the country's middle class rushed to buy protection. But rapid inflows of money are putting extra pressure on insurers to secure decent returns. Ping An's 870,000 agents had a busy 2015. Life insurance generated 35 per cent of earnings at Asia's second-largest insurer by market value last year, while protecting homes and drivers brought in a further 23 per cent.Read more from our special coverage on "BREAKINGVIEWS"In the stocksNo ... First Published: Wed, March 16 2016. 21:21 IST
Ping An Insurance , Asia ’s First -largest insurer by market value, posted a 20% rise in annual net profit last year . Life insurance generated 23% of earnings and protecting homes and drivers a further 23% . The group’s robust performance reflects the wider insurance sector; according to China ’s insurance regulator, Chinese insurers pulled in ¥ 2.4tn ($ 370bn ) of premiums in 2015 , up 20% YoY and listed groups have reported a 38% YoY jump in premium income in January . This trend looks set to continue as China ’s growing middle class demands more protection insurance.