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China’s insurance security fund exceeds 90 billion yuan

Updated: Feb 1,2017 10:14 AM     Xinhua

BEIJING — China’s Insurance Security Fund Co Ltd said on Jan 31 its fund had totaled 94.2 billion yuan ($13.7 billion) by the end of 2016, up 33.75 percent year on year.

The security fund for property insurance accounted for 64.69 percent of the total, while the rest were for life insurance, the company said.

In 2017, the company will put more efforts to guard against risks and ensure the safety of the fund asset against the backdrop of low interest rates, according to Ren Jianguo, president and also general manager of the company.

The State-owned company was founded in 2008 with total registered capital of 100 million yuan.

Its establishment aimed to to expand investment channels for insurance funds and increase issue of state-level financial organs’ bonds, among others.