China's insurance sector records steady premium growth in Q1

China

China's insurance sector records steady premium growth in Q1

2026-04-27 17:31 Last Updated At：04-28 01:47

China's insurance industry posted steady growth in premium income in the first quarter (Q1) of 2026, industry data showed Monday.

The industry recorded premium income of 2.31 trillion yuan (about 336.84 billion U.S. dollars) in the first three months of 2026, rising 6.2 percent year on year, according to the Insurance Association of China (IAC).

During the period, property insurers saw premium income rise 2.9 percent year on year, while life insurers' premium income increased 7.3 percent, the IAC said.

IAC data also showed that foreign-funded insurers recorded premium income of about 212.6 billion yuan during the period, up 12.5 percent year on year.

Fang Yong, deputy secretary-general of the IAC, said that the insurance industry has played an important role in supporting sci-tech innovation, green transition, people's well-being and high-standard opening up.

"In serving sci-tech innovation and new quality productive forces, China's insurance industry has actively integrated itself into national development strategies, innovated products and service modes, precisely met relevant needs of the sci-tech sector, and provided relevant guarantees for the growth of new quality productive forces. China's insurance firms have also actively joined the construction of a multi-tiered social security system that covers health care and elderly care, and continuously enriched and improved the supplies of products on pension finance. In the first quarter of 2026, the total expenditure on health insurance compensations was around 94.2 billion yuan (about 13.8 billion U.S. dollars)," Fang said at a press conference in Beijing on Monday.

Moving forward, the industry is expected to maintain steady growth in 2026, with the pace of growth generally in line with China's overall economic and social development, Fang said.

Russia expands blacklist of EU members in response to latest sanctions

Russia has largely expanded the blacklist of European Union (EU) officials banned from entering the country in response to Brussels' 20th sanctions package against Moscow, the Russian Foreign Ministry said on Monday.

The EU continues its attempts to pressure Russia by scaling up unilateral restrictive measures, the ministry said in a statement, adding that Brussels' destructive actions grossly violate the norms of international law.

"We have also imposed restrictive measures against civil society activists and academics in European countries who hold hostile positions toward Russia, as well as members of national parliaments of EU member states and the European Parliament who voted in favor of anti-Russian resolutions and bills," said the statement.

Russia has also barred entry to representatives of European institutions and EU member states involved in decisions on providing military aid to Ukraine, it added.

European Council President Antonio Costa said on Thursday that the EU has approved a 90-billion-euro loan package for Ukraine, along with a 20th round of sanctions against Russia.