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Sixty life insurance companies in China got CNY 956 billion original premiums in 2011, compared with CNY 1.05 trillion original premiums in 2010, according to latest statistics from China Insurance Regulatory Commission.
Of the top six life insurers by market share, China life insurance Co., China Pacific life insurance Co. and New China Life Insurance saw their market share increase respectively while Ping An Life Insurance Co., Taikang Life Insurance Co. and PICC Life Insurance Co. had smaller market share last year.
China Life Insurance, which reaped CNY 318.2 billion original premiums in 2011, remained to be the largest life insurer in China by a 33.28% market share. Its market share increased by 1.57 percentage points year on year. The market share of New China Life Insurance and China Pacific Life Insurance rose by one percentage point respectively.
Ping An Life Insurance Co., a subsidiary of Ping An Insurance (Group) Company of China Limited, got CNY 118.9 billion original premiums in 2011, which caused its market share to decrease 2.74 percentage points. But the company ranked No.2 well after China Life Insurance Co. in terms of absolute market share. Taikang Life Insurance got CNY 67.9 billion original premiums and its market share slid to 7.1% accordingly.
In addition, Taiping Life Insurance Co., Minsheng Life Insurance Co., Sino Life Insurance Co., Union Life Insurance Co., Huaxia Life Insurance Co. and Sunshine Life Insurance Co. saw their market share increase last year. Remarkably, Shenzhen-based Sino Life Insurance Co. reaped CNY 23.3 billion premiums in the year and its market share gained to 2.4% from 1.4% in 2010.
China’s new rules for bancassurance business and implementation of new accounting standards seemed have bigger impact on foreign-funded life insurers last year. Twenty-five foreign-funded life insurers out of the 60 life insurers obtained a total of CNY 38.6 billion premiums in 2011, whose market share declined as a whole.
Six foreign-funded life insurers including Manulife-Sinochem Life Insurance Co., AXA-Minmetals Assurance Co., AIA, Haier Meiji Yasuda Life Insurance Company Ltd., ING-BOB Life Insurance Co. Ltd. and HSBC Life Insurance Co. had bigger market share last year. While CITIC Prudential Life Insurance Co., BoCommLife Insurance Company Limited, Generali China Life Insurance Company Limited, AVIVA-COFCO Life Insurance Co., AEGON-CNOOC Life Insurance Co., Ltd., CIGNA&CMC Life Insurance Co., Heng An Standard Life Insurance Co., Old Mutual-Guodian Life Insurance Co., Sino-French Life Insurance Co., Huatai Life Insurance Co., Sino-US United MetLife Insurance Co. and Great Eastern Life Assurance (China) Co.,Ltd. saw the market share fall last year.
2011 witnessed original premiums of property insurance companies in China surged to CNY 477.9 billion from CNY 402.6 billion in 2010. Most of them had the premiums increase, and only three Chinese property insurers including Tianan Insurance Co., Alltrust Insurance Co. and DUBON Insurance Co. post decline in 2011 premiums.
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