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This January, New China life insurance Co. and Taikang life insurance Co., both based in Beijing, performed well in the bancassurance business.
New China Life in the month realized the premiums of CNY 10.76 billion and Taikang Life gained the single-month premiums of 12.3 billion. In terms of the personal insurance, the former achieved the premiums of CNY 4.16 billion and the latter achieved such premiums of CNY 2.82 billion. In the meantime, Taikang Life performed strongly in the group insurance this January, with the premiums of CNY 2.52 billion.
As for the bancassurance premiums, New China Life earned CNY 6.34 billion from such business and Taikang Life earned CNY 6.45 billion. However, the former boasted the advantage in the regular-premium business while the latter mainly relied on the single-premium insurance.
As for the future initial public offering (IPO, New China Life earlier set up a special department in charge of the listing-related affairs. China SAFE Investments Limited is guessed to inject about CNY 4 billion into the insurer to help it raise the solvency adequacy ratio. As the largest shareholder, SAFE Investments currently holds 38.815% of New China Life; Baosteel Group Corporation takes a 17.273% stake in the life insurance company; SINOPEC Assets Management Corporation has a 1.502% stake in firm; and Zurich Insurance Plc controls a 20% stake as the foreign shareholder of the insurer.
China’s top three life insurers in January 2011 achieved the premium revenues of more than CNY 86 billion. They are the country’s largest life insurer China Life Insurance Co., the financial center Shanghai-based China Pacific Life Insurance Co. (CPIC Life) and the southern boomtown Shenzhen-based Ping An Life Insurance.
During the single month of January, CPIC Life gained the premium revenues of CNY 12.2 billion, a year-on-year increase of 20.4%. In terms of the premium growth of new policies, the third largest Chinese life insurer saw an increase rate of 47.2% in the month.
As for Ping An Life, the second largest life insurer in the same month achieved the premium revenues of CNY 24 billion, up 13.7% compared with the figure in January 2010. By the premium growth of new policies, the company suffered a year-on-year decline of 18%. Still, the company as the life insurance unit of Ping An Insurance (Group) Company of China (601318.HK) is expected to realize a growth rate of 25% in the premiums of new policies in full 2011.
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