Posted on Sep 06, 2010 by Sergio Ulloa
Chinese Insurer, Taiping Life Insurance Co., has been given approval by the China Insurance Regulatory Commission (CIRC) to set up its newest provincial branch in Hainan Province.
With approval from the CIRC to open the new branch office, Taiping Life Insurance will now have 35 provincial branches throughout China. Hainan Province's insurance market brought in RMB 2.94 billion (USD 433 million) in cumulative original premiums, of which life insurance contributed RMB 1.69 billion (USD 249 million), making it an attractive market to enter in to.
Taiping Life Insurance has done well in the first half of 2010, reporting renewal premiums of RMB 5.31 billion (USD 782 million) and original premiums of RMB 13.68 billion (USD 2 billion), for a total cumulative premium income of RMB 18.99 billion (USD 2.8 billion). The RMB 18.99 billion total cumulative premium for the first half of the fiscal year shows a 71.3 percent growth over the same time period in 2009.
Life insurance premiums generated by Taiping Life Insurance in the first half of 2010 equaled RMB 2.09 billion (USD 307 million). In the same time period, single premiums generated through Taiping's bancassurance channels added up to RMB 9.19 billion (USD 1.35 billion), while regular premiums generated through the same bancassurance channels were worth RMB 1.29 billion (USD 190 million).
At the end of the 2009 fiscal year, finishing at the end of December, Taiping Life Insurance reportedly held RMB 79.7 billion in total assets and RMB 22.5 billion in total premiums.
Insurance Company Mentioned:
Taiping Life Insurance Co., Ltd.
Taiping Life Insurance Company was founded in 1929, and moved abroad in 1956 to sell life insurance products. Now based in Shanghai, Taiping Life Insurance Co. has been operating as a subsidiary of China Insurance International Holdings Co., Ltd. since 2001. It now has branches in more than 35 provinces in China.