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Market share gap between life insurers in the Chinese market will be widened due to the new accounting standards.
China life insurance Co., Ltd. (SHSE: 601628 and SEHK: 2628), the nation’s biggest life insurer, will see its market share in the domestic life insurance sector rise to over 40 percent from 36.2 percent thanks to participating insurance it focused in 2009 and dominant status in over 30 segmented Chinese markets. The figure of China Pacific life insurance Co., Ltd. the life insurance unit of China Pacific Insurance (Group) Co., Ltd. (SHSE: 601601 and SEHK: 2601), and New China Life Insurance Co., Ltd. will each inch up by one percent to nine percent. That of Ping An Life Insurance Company of China Ltd., the life insurance unit of Ping An Insurance (Group) Company of China, Ltd. (SHSE: 601318 and SEHK: 2318), and Taikang Life Insurance Co., Ltd. will drop to 11 percent and five percent from 16 percent and eight percent, respectively.
According to the new accounting standards, premium consists of premium revenue and premium deposits. The revenue gained from participating insurance could be totally accounted into an insurer’s premium revenue; as a result, it is more and more popular among Chinese consumers nowadays.
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