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Banking insurance becomes new growth point of China Life |
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Written by Administrator
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Thursday, 06 July 2006 |
BEIJING, July 6 (InfoChina) –Banking insurance business has become a new profit-pinning source for Chinese insurance companies, especially for China Life Insurance Co., Ltd. (NYSE: LFC, HK: 2628), the biggest life insurer of China.
The latest statistics showed that the country’s banking insurance grew 85.59% year on year in the Jan.-May period, much faster than other insurance-selling channels, and accounted for 32.3% of the country’s total insurance premium income.
China Life’s premiums from banking insurance, at around 25.5 billion yuan, made up some 40% of its total premiums in the first three months of this year, according to China Life president Wu Yan.
China Life started structural adjustment on its banking insurance business from April, measures including promoting products with installment premiums to replace that require for lump-sum payment. |
China Stock News