(Yicai Global) Nov. 12 -- Chinese insurance companies majorly boosted their profits in the first nine months of this year on the back of improved business conditions and tax cuts.

The sector's profits more than doubled to CNY280 billion (USD40 billion) from a year ago, the Shanghai Securities News reported today.

Life insurers made up over four-fifths of the total tally and property insurers the rest -- both figures climbing more than twofold.

Editor: Emmi Laine