BEIJING, Dec 25 (Reuters) - Premium incomes of Chinese insurers grew 28.9 percent in the first 11 months of 2016, compared with the same period the previous year, according to the insurance regulator.
Premium incomes reached 2.9 trillion yuan ($418 billion), the China Insurance Regulatory Commission said in a statement posted on its website.
Premium incomes of life insurers grew 33.1 percent to 1.66 trillion yuan, while premium incomes of property insurers rose 8.7 percent to 777 billion yuan.
Despite the increase in insurance premium incomes, profits of insurance firms have been on the decline, dragged down by falling investment returns in a low interest rate environment and a stock market downturn.
As of end-November, the industry had combined assets of 15 trillion yuan, up 21 percent from the beginning of the year. ($1 = 6.9432 Chinese yuan renminbi) (Reporting by Ryan Woo)