China's three insurance giants reported total premiums of 163.57 billion yuan, or 24 billion U.S. dollars, in the first quarter, up 7% year on year.

The three insurance heavyweights are China Life Insurance Co., Ltd., Ping An Insurance Co., Ltd. and China Pacific Insurance Co., Ltd.(CPIC), accounting for 50% of the life insurance market in China.

China Life realized life insurance premiums of 104 billion yuan in Q1, increasing 1.8% over the 102.2 billion yuan registered at the same period last year, which is China's largest life insurance company in terms of premium income. Ping An, the second largest insurer in China, reported its life insurance premiums at 39.67 billion yuan in Q1, rising 43% from the 27.67 billion yuan in Q1 2008. CPIC Q1 premiums dropped 13% to 19.9 billion yuan from the 22.8 billion yuan at the same period of last year. Analysts forecast that the three heavyweights will post steady premiums growth this year.

Source: Ministry of Commerce of PRC Website