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Ping An premium income up in 2009

By Hu Yuanyuan (chinadaily.com.cn)
Updated: 2010-02-02 17:09

Ping An Insurance (Group) Co of China, the country's second-largest insurer, saw its life and non-life insurance premium income grew 31 percent and 44 percent in 2009, thanks to a better supporting platform and innovative services, the company's top management said today.

The premium income of the firm's non-life insurance, Ping An Property and Casualty Insurance Co, hit 38.5 billion yuan ($5.64 billion) at the end of 2009, 21 percentage points higher than the industry average.

"This was largely contributed by our highly centralized supporting platform, which could process 70 percent of our business operations," said Ren Huichuan, CEO of Ping An Property and Casualty Insurance Co. "And we are striving to manage the payment of claims within one day this year, from the average three-day process in the past."

Ping An Life Insurance Co's life insurance premium income grew to 132.3 billion yuan because of improved operations efficiency. Yuan Xinle, assistant president of the life insurance arm, said the company will further promote "Policy E-service", an online form that takes customers only three minutes to finish for all types of policy operations. It takes customers 80 minutes in the traditional way.