(Yicai Global) Aug. 29 -- China's top five listed insurance companies have all released their semi-annual financial reports which show their total net profit attributable to shareholders in the first half was CNY177.5 billion (USD25 billion), which breaks down into earnings of CNY968 million (USD135 million) per day in an 80 percent yearly rise.

Ping An Insurance's net profit came in first among the top five insurers listed on China's domestic A-share boards. It earned a net profit of CNY98 billion in the period, up 68 percent annually.

China Life Insurance's net earnings hit CNY38 billion in an annual increase of 129 percent. China Pacific Insurance net profit was CNY16.2 billion, up 96 percent per year. The People's Insurance Company of China reeled in a net profit of CNY21.7 billion in an annual 55.4 percent growth. New China Life Insurance's net profit reached CNY10.5 billion for a yearly 82 percent rise.

The sharp increase in insurers' performance in the first half mainly resulted from investment income growth, the five companies said in their earnings reports. They took in a total investment income of CNY265 billion, up 56 percent annually. Ping An's investment income reached CNY103 billion in a per-year increase of 94.5 percent in the fastest growth rate among the five.

Tax policy changes have also boosted some insurers' net profits. PICC Group, which focuses on property and casualty insurance, received a CNY4.7 billion fillip to its consolidated statement as China lifted the pre-tax deduction rate for property and casualty insurance commission to 18 percent this year from 15 percent.

Listed insurers' good performance outlook also jacked the five companies' stock prices by 41 percent on average this year, while the market jumped by 21 percent, so insurance stocks clearly performed above par.

Brokerage researchers are also rosy on the trend of insurance stocks, whose prices were within a reasonable range, with some relatively undervalued, Wanlian Securities analyst Jiao Wenchao said, adding the issuance of these semi-annual reports will gain these companies recognition for short-term performance growth and continuing value increases and this goodwill is expected to further buoy their share prices.

Editor: Ben Armour