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Taikang Life Insurance Company recorded a premium income of 8.8 billion yuan (US$1.14 billion) in the first quarter of this year, an increase of 41 percent over the same period a year earlier, according to data from China's insurance regulator.

The China Insurance Regulatory Commission data showed Taikang's rival, New China Life, posted a premium income of 7.75 billion yuan in the first three months, up 1.53 percent, but far below the growth rate of China's life insurance premiums of 19 percent during the same period.

The quarterly results led to New China Life dropping out of fourth position in the country's life insurance market in terms of premium income. Taikang Life replaced it in fourth place, up one spot, while China Life, Ping An Insurance and China Pacific took the first three places.