Life Insurer Opens Guangzhou Branch

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Monday, April 02, 2001, updated at 11:26(GMT+8)

Business

Life Insurer Opens Guangzhou Branch

China's New China Life Insurance Company formally inaugurated its Guangzhou branch Friday, bringing the number of its branches to 10.

New China Life President Guan Guoliang said the company plans to increase its branches to 100 in five years.

Started in 1996 by the Shanghai Baoshan Iron and Steel Company and 14 other large businesses in China, the Beijing-headquartered insurer reported a cumulative premium income of 5.38 billion yuan and assets worth of 5 billion yuan by the end of 2000.

The company is now the fourth largest life insurer in China, in terms of market share.

New China Life is also one of the first Chinese insurers to introduce foreign shareholders. Its successful international placement in 2000 has raised its equity capital from 500 million yuan to 1.2 billion yuan.



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