Posted on Jul 09, 2010 by Sergio Ulloa
Generali China Life Insurance Co. Ltd. is leading the pack of foreign-funded life insurance companies in China, after ranking no.1 for five consecutive months from the end of 2009 to April 2010.
Generali China Life Insurance Co. Ltd. is a joint-venture company; 50 percent owned by Assicurazioni Generali S.p.A. (Generali) and the other 50 percent owned by China National Petroleum Corporation (CNPC). Generali China Life received CNY 4.5 billion (US$ 664.1 million) in written premiums during the 2009 financial year, and in the first five months of 2010 it has already received written premiums worth CNY 3.7 billion (US$ 546 million).
Generali China Life has expanded at different rates in different Chinese markets; some of those in which it grew the most include Beijing, Shanghai, Guangdong province and Shandong Province. In the Beijing life insurance market alone, premium revenue reached around CNY 1.74 billion (US$ 256.8 million) by the end of the 2009 financial year, ranking 7th
out of all life insurers and 1st
among foreign-funded companies.
In contrast, during the first five months of 2010, Generali China Life's premium revenue in the city of Beijing reached CNY 2.15 billion (US$ 317.3 million), increasing it's market share from 3.29 percent to 7.48 and making its way into the list of top five life insurance companies in the Beijing market. During the same time period, the no. 2 foreign-funded life insurer, Sun Life Everbright Life Insurance Co., Ltd., earned CNY 656 million (US$ 96.8 million) in the Beijing market.
Industry analysts say that Generali China Life's success may be derived from their line of twelve bancassurance products, which include one China health insurance product, three investment-linked life insurance products, three universal life insurance products, with the remaining five products being participating general insurance products.
Insurance Companies Mentioned:
Generali China Life
Generali China Life Insurance Co. Ltd. was founded in 2002. The joint-venture company owned in equal part by Assicurazioni Generali S.p.A. (Generali) and China National Petroleum Corporation (CNPC) was the first joint-venture insurance company to get approval from the Chinese Government after China joined the World Trade Organization.
Assicurazioni Generali SpA
The Generali Group is one of the most significant participants in the global insurance and financial products market. The Group is a leader in Italy and Assicurazioni Generali, founded in 1831 in Trieste, is the Group's Parent and principal operating Company. Generali is one of the leading global players in the assistance sector thanks to the Europ Assistance Group, active in more than 200 countries with services in the motor, travel, healthcare, home and family sectors. In recent years, the Group has made a significant return to 14 central-eastern European markets and has set up offices in the principal markets of the Far East, including China and India.