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China Ping'an Insurance Reports Rise in Earnings
China Ping'an Insurance Co. brought in 12.78 billion yuan (US$1.54 billion) in premium earnings in the first six months of the year, up 15.8 percent from the same period last year.
The growth rate is 2.4 times the national average, said corporate sources.
Of the total, premium earnings from life insurance policies exceeded 8 billion yuan (US$963 million) in the January-June period, up 30 percent from the same period last year.
Founded in May 1988 and headquartered in Shenzhen City of Guangdong Province, China Ping'an Insurance was the country's first joint-stock insurance company. It has grown into one of China's three leading insurance conglomerates and is capable of offering financial services like life and property insurance, securities and trust. It has expanded its business to other countries including the United States, Britain and Singapore.
With a total asset of 50 billion yuan (US$6.02 billion), China Ping'an Insurance Co. has extended guarantees to those who take out property and life insurance policies with a claimed value totaling 8 trillion yuan (US$963 billion) and earned over 77 billion yuan (US$9.28 billion) in premiums since it was founded 12 years ago, turning in 2.02 billion yuan (US$243 million) in taxes to the State.
The conglomerate has also stepped up exchanges and cooperation with a dozen foreign companies and introduced reform measures to adapt to the international common practices and build an edge for competition in the future.
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