China Life boasts half of domestic market share

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Last updated at: (Beijing Time) Friday, February 13, 2004

China Life boasts half of domestic market share

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China Life Insurance (Group) Company, the country's largest insurance firm, accounted for 53.8 percent, or 162 billion yuan (19.5 billion US dollars), of the country's life insurance premiums in 2003.

"The increasingly fierce competition and changing market compelled China Life to build a modern insurance and financial service group, providing insurance, financial, and insurance-related services," said Wang Xianzhang, general manager of China Life.

Last year, China Life restructured to become a share-holding unit and was listed overseas, collecting approximately 3.5 billionUS dollars from international capital markets, which greatly empowered China Life's payment capacity.

In 2003, the income from insurance premiums reached 388 billionyuan (47.3 billion US dollars), up 27.1 percent from 2002, with life insurance hitting 266.95 billion yuan, a year-on-year growth of 28.27 percent, said Wu Dingfu, chairman of the China Insurance Regulatory Commission.

Source: Xinhua

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