Insurance curbs bite into incomes

Regulatory body's moves against risky business practices hit premium growth

The growth in premium income in the insurance sector slowed in the first half of the year as stricter regulations designed to curb risky business began to bite, the industry's top regulator said on Thursday.

Insurance companies' premium income rose 23 percent year-on-year to 2.3 trillion yuan ($340 billion) in the first half of the year, slower than the 37 percent increase during the same period of last year, data from the China Insurance Regulatory Commission showed.