The premium income of New China Life Insurance Co Ltd, the country's third- largest life insurer by premium values, grew 3 percent to 97.7 billion yuan ($15.5 billion) in 2012, the insurer said in a statement on Wednesday.

Last year, the value of the country's life insurance premiums dropped 1.8 percent, according to a recent report by Swiss Re's recent report. The decline, according to the report, was partly driven by regulatory changes in 2011 that constrained bancassurance sales, and also due to the sluggish capital markets last year.

New China Life will increase the proportion of protection-oriented products this year, centering on clients' needs, the statement said.

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