Posted on Jul 29, 2010 by Sergio Ulloa
Ping An Health Insurance Company of China, a wholly owned subsidiary of Ping An Insurance (Group) Company of China, has received approval from the China Insurance Regulatory Commission (CIRC) to set up a new branch in Zhejiang province.
Earlier this year, Ping An Health Insurance was also given approval by the central Chinese insurance regulator to open a branch in Jiangsu province. With the approval of the two new branches, Ping An Health Insurance now has 5 branches in China, although the CIRC says that both of the new branches in Zhejiang and Jiangsu will require operational licenses issued by the local insurance bureaus in the respective provinces.
Ping An Health Insurance already had branches located in Beijing, Shanghai, and Guangdong, and the approval for the two new branches will allow them to expand into the coastal provinces of Zhejiang, the province directly to the south of Shanghai, and Jiangsu, directly to the north of Shanghai. This will afford China Ping An Health Insurance the opportunity to enter into the markets in the relatively affluent cities of Nanjing in Jiangsu and Hangzhou in Zhejiang.
Original premium income in Zhejiang province between January and May, 2010 was RMB 33.04 billion (USD 4.87 billion), of which accident insurance comprised RMB 727 million (USD 107.2 million), health insurance made up RMB 1.05 billion (USD 154.9 million), property insurance RMB 10.86 billion (USD 1.6 billion), and life insurance making up the lion's share of RMB 20.4 billion (USD 3 billion).
Similarly, the insurance industry in Jiangsu Province generated RMB 57.47 billion (USD 8.48 billion) in cumulative original premium income. Accident insurance accounted for RMB 1.16 billion (USD 171 million), health insurance RMB 1.91 billion (USD 281.8 million), property insurance RMB 13.08 billion (USD 1.93 billion), and life insurance constituting RMB 41.32 billion (USD 6.1 billion).
According to the Chinese Insurance Regulatory Commission, China Ping An Health Insurance received original premium income of RMB 64.38 billion (USD 9.5 billion) between January and May, 2010.
Insurance Company mentioned:
Ping An Insurance Company
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.