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Apr
13
Q1 Premiums of US$7.5 billion reported by Ping An Life Insurance Unit
Posted on Apr 13, 2010 by Sergio Ulloa (G+)
Ping An Life Insurance Company of China Ltd (PALICC) reported accumulated written premiums of US$7.47 billion (EUR 5.5 billion) for the first quarter of this year. PALICC is the life insurance unit of Ping An Insurance, which is second only to China Life Insurance (CLI), the Number 1 life insurance company by market value. In addition to those of PALICC, Ping An released accumulated written premiums of other subsidiaries for the first quarter, including Ping An Property & Casualty Insurance Company of China, Ltd of US$2.22 billion (EUR 1.65 billion), Ping An Health Insurance Company of China Ltd of US$7.43 million (EUR 5.47 million) and Ping An Annuity Insurance Company of China Ltd of US$192.8 million (EUR 141.8 million). Ping An did not provide any comparative figures for the first quarter of 2009. By comparison, China Life Insurance recently estimated a minimum premium growth during 2010 of 5 percent, which amounts to a conservative improvement over the 3.9 percent it actually achieved during 2009, citing increased competition. Insurance Companies mentioned: China Life Insurance
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
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.