China Life Sees Brisk Business

China Life Insurance Company ( China Life), the country's largest insurance firm in term of turnover, reported remarkable business growth in the first half this year, despite an adverse macroeconomic situation.

Figures provided by the company show that its premium revenue in the first six months stood at 30.33 billion yuan, which is up 20 percent over the same period of 1998, and accounts for 60 percent of the firm's target for all of 1999.

He Jiesheng, the general manager of China Life, said at the company's half-year working meeting that this achievement has been made in the face of lukewarm domestic demand, strong competition, and the seventh consecutive interest rate cut by the central bank.

To keep losses from these adverse factors at a minimum, she said the company has strengthened its stimulative mechanism and designed 13 new policies, as many old policies based on high interest-rate expectations were banned by the government after the seventh interest rate cut on June 10.

In the first half of 1999, the company separated itself from the former China Insurance Group and adopted its current name. It took the opportunity to launch a corporate image offensive, stressing its role as the sole state-owned life insurer and the number-one strongman in the sector in terms of premium revenue.

She pledged that the company will further improve its capacity in the development of new policies, which will cater to the needs of people from different regions and different income groups.

She added that the company will seek to expand investment channels for its funds, which means it will use all legal channels to ensure the safety and growth of those funds.