Los Angeles, CA (PRWEB) January 15, 2012
In 2011, affected by the intensified regulation on life insurance sales in banking channels, the shrinking number of individual insurance salespeople and the implementation of new insurance accounting principles, premium income is expected to decline by 7.7% to $152.53 billion. The premium income is expected to be a growth of 8% over the adjusted 2010 data according to the new insurance accounting principles.
Industry revenue increased by 21.9% in 2010 to $165.2 billion as the Chinese economy continued to recover from the negative influences of the global financial crisis and as more people continued to take out various life insurance policies. Further improvement in investment income is also expected to result in increased industry profit during the year.
There are expected to be 61 enterprises operating in the industry in 2011, with about 5,990 establishments. Life insurance carriers employed over 929,000 workers, with an estimated payroll of $9.24 billion.
Total assets held by the industry are estimated to total $784.1 billion by the end of 2011, and have increased at an average annualized rate of 23.8% in the past five years.
IBISWorld expects that in the five years through 2016, total revenue of the Life Insurance Providers industry in China will maintain its rapid growth at an annualized rate of 16% to $319.85 billion at the end of 2016.
For more information, including profit levels, market shares, product segmentation and more, purchase IBISWorld’s full report on the Life Insurance Providers industry in China for $825 at ibisworld.com.cn.
Follow IBISWorld on Twitter: https://twitter.com/#!/IBISWorld
Friend IBISWorld on Facebook: http://www.facebook.com/pages/IBISWorld/121347533189
Life Insurance Providers in China – Key Report Topics
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on 200 Chinese industries. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com.cn or call 1-800-330-3772.