The China Insurance Regulatory Commission (CIRC) announced that the total insurance premium income for 2003 was US$46.7 billion, an increase of 27.1% over the previous year. Life insurance premiums totaled US$36 billion, an increase of 32.3% year-on-year. Total premiums from property insurance rose 11.7%, totaling US$10.4 billion.
Premium growth slowed down from 2002's 33%, which the CIRC attributed to insurance companies divesting themselves of high-risk businesses at the CIRC's urging in order to improve profitability. The commission said that the insurance industry's business was mildly disrupted by the SARS epidemic last year, however the disruption quickly changed into an increased demand for life insurance.