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Jun
18
Chinese Insurance Companies continue growth in 2010
Posted on Jun 18, 2010 by Sergio Ulloa (G+)
Three of China's largest insurance companies continue their strong growth in the first five months of 2010. China Life Insurance (CLI), Ping An Insurance Group of China (PAIGC), and China Pacific Insurance Corporation (CPIC) maintain year-on-year growth in gross written premiums. China Life Insurance (CLI) reported total premiums of RMB 154.9 billion (US$ 22.7 billion), which is a 6.39% increase over the RMB 145.6 billion (US$ 21.3 billion) in premiums received during the same time period in 2009. China Pacific Insurance Corporation (CPIC) reported earning RMB 64.2 billion (US$ 9.4 billion) in premiums received between January and May in 2010. Ping An Insurance Group of China (PAIGC) is reporting that it has brought in RMB 104.51 billion (US$ 15.3 billion) in unaudited insurance premiums during the first five months of the year, a 35.76% increase from the same time period last year. Ping An's Chinese life insurance division, Ping An Life Insurance Co of China Ltd, earned RMB 77.72 billion (US$ 11.4 billion) in premiums, up 26.17% over the corresponding period from 2009. Ping An also reported income in their casualty insurance unit of RMB 24.74 billion (US$ 3.6 billion) worth of premiums, as well as RMB 64.38 million in premiums from its China health insurance unit, and RMB 1.99 billion (US$ 290 million) in premiums from their annuities insurance subsidiary. 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.
China Pacific Insurance
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".