Apr
29
Top Insurers in China Maintain Growth Impetus in Q1
By Sergio | Published April 29, 2010
Analysts predict that the top 3 Insurance giants in China, China Life Insurance (CLI), Ping An Insurance Group of China (PAIGC), and China Pacific Insurance Corporation (CPIC), will continue the growth momentum in Q1 of this year. The financial results will be released on the 30th of April.
The China Insurance Regulatory Commission (CIRC) released Q1 profit data of the life insurance industry in China as totalling US$1.6 billion (EUR 1.2 billion), an increment of slightly over 38 percent year-on-year.
It is expected by analysts that to increase their market share in the current year, the insurers will focus on banking-insurance cooperation, whilst the life insurance premiums are estimated to grow by about 25 percent.
As a result of internal business restructuring, the market share for life insurance of China Life shrank to 35.7 percent in 2009, compared to the 40.3 percent it realised in 2008. CPIC suffered similar fate, with their market share shrinking to 8.3 percent in 2009 from the 9 percent it maintained in 2008. However, life insurance premiums of both companies have shown a strong rebound in Q1 of this year.
By the end of March of this year China Life Insurance had already realised premiums of US$17.12 billion (EUR 12.97 billion), amounting to a 24 percent raise year on year. PAIGC achieved a corresponding raise of 28.5 percent, equivalent to US$7.46 billion (EUR 5.65 billion), whilst the premiums of CPIC rose 55.8 percent to US$4.54 billion (EUR 3.44 billion), compared to the previous year.
The above projections are in line with previous Q1 life insurance figures released by a unit of PAIGC.
Insurance Companies mentioned:
China Life Insurance Company Limited (China Life) is a People’s Republic of China-based life insurance company. The products and services include individual life insurance, group life insurance, accident and health insurance. The Company operates in four business segments: individual life insurance business, group life insurance business, short-term insurance business, and corporate and other business.
Ping An Insurance (Group) Company of China, Ltd. (Ping An) is engaged in providing a range of financial products and services. The Company focuses on three businesses: insurance, banking and investment. The Company operates in five business segments: life insurance business, property and casualty insurance business, banking business, securities business, corporate and other businesses. The Company’s subsidiaries include Ping An Life Insurance Company of China, Ltd. (Ping An Life), Ping An Property & Casualty Insurance Company of China, Ltd. (Ping An Property & Casualty), China Ping An Trust & Investment Co., Ltd. (Ping An Trust), Ping An Securities Company, Ltd. (Ping An Securities), Ping An Bank Co., Ltd. (Ping An Bank), Ping An Annuity Insurance Company of China, Ltd. (Ping An Annuity) and Ping An Health Insurance Company of China, Ltd. (Ping An Health), among others.
China Pacific Insurance (Group) Co., Ltd. (CPIC) was established on the basis of China Pacific Insurance Co., Ltd., which was founded on May 13, 1991. Headquartered in Shanghai, its registered capital stands at RMB 7.7 billion. The company was listed in Shanghai Stock Exchange on Dec. 25, 2007, with the stock code of 601601 and the stock name of “ China Pacific”. The Company was listed in the Stock Exchange of Hong Kong Limited on Dec. 23, 2009, with the stock code “02601” and the stock name of “CPIC”.
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