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|Thursday, April 27, 2000, updated at 10:25(GMT+8)|
New Insurance Company Set Up in ShanghaiThe Shanghai branch of the Taikang Life Insurance Co., Ltd. was set up Wednesday in this metropolis of east China.
To date, the number of domestic and overseas insurance companies in the city has increased to 17, of which nine are life insurance firms.
Last year, insurance companies in Shanghai reported a combined income of 11.5 billion yuan (US$ 1.38 billion). As the birthplace of China's insurance industry, Shanghai has the largest market in the field, said Chen Dongsheng, president of Taikang.
Approved by the People's Bank of China, Taikang was set up in 1996 with headquarters in Beijing, and by the end of 1999, the company has amassed capital of two billion yuan (US$ 241 million) and an insurance income of 2.095 billion yuan (US$ 252 million) from its 150,000 policyholders.
Prior to opening its Shanghai branch, Taikang had opened branches in the cities of Wuhan, Guangzhou, Chengdu, and Shengyang.
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