Posted on Mar 15, 2010 by Sergio Ulloa
Last Thursday, the Shenzhen-based Ping An Insurance
Group of China announced its group insurance premiums for the first two months of 2010 are up from the same time period last year.
Ping An Insurance Group announced its results for its pension, property, life and health insurance businesses. Pension insurance for January and February 2010 was 715.54 million yuan, up about 73% from 412.73 million yuan in 2009. Property premiums grew to 10.11 billion yuan in 2010 from 5.75 billion yuan last year, an increase of about 75.8%.
China Ping An's health insurance premiums for the first two months of 2010 were 38.01 million yuan, showing a 114.75% increase over 2009's health insurance premiums of 17.7 billion yuan. Life insurance premiums were 36.94 billion yuan in 2010, a 35% year-on-year increase over 27.32 billion yuan worth of life insurance premiums in 2009.
The improvement in business across sectors is a good sign as China has been ramping up spending in a bid to reform its healthcare system. The Chinese government spent 127.7 billion yuan on healthcare in 2009, an increase of 49.5% over similar spending in the year before.
Chinese Premier Wen Jiaobao pointed out five targeted areas of improvement in a government report; reform of public hospitals, improving disease prevention, promotion and development of traditional Chinese medicine, expanding basic medical care and securing non-government financing for medical institutions. The increased spending and reforms could lead to improved business for insurers in China.
Ping An Insurance (Group) Company of China, Ltd.
Established in Shenzhen, Guangdong province in 1998, Ping An Insurance Group has grown into an integrated financial conglomerate, operating core insurance businesses alongside commercial banking, securities brokerage, and asset management among others. As of the end of June 2009, the Group holds 885.419 billion yuan worth in total assets and 101.793 billion yuan in total equity under International Financial Reporting Standards and services about 47 million customers throughout all its businesses.