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New policies to boost insurers' profits

(chinadaily.com.cn)
Updated: 2009-04-16 16:30

Insurance companies will see a rise in their current profits as they are now allowed to raise pre-tax deductions of commission expenses, pilot personal income tax-deferred annuities, and enjoy a wider range of investment channels.

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On April 1, the Ministry of Finance and the State Administration of Taxation raised the pre-tax deduction of property insurance commission expenses to 15 percent from 8 percent; life insurance increased to 10 percent from 8 percent.

Analysts say the adjustment eases insurance companies'tax burdens and to some extent, increases their current profits. More importantly, the policy reduces the grey zone and improves authenticity of financial data, they add.

Following the regulatory approval of the personal income tax-deferred annuity pilot in Shanghai, Shenzhen is also trying to get on board, as joining the program can significantly improve insurance depth and ensure the financial security of personal post-retirement account holders.

As a result of the pilot program, three listed companies - China Life, Ping An and China Pacific - will see a big rise of premiums income......

The full text is available in the April Issue of China Insurance. Please visit publications for more subscription details.