Taiping Life eyes bigger slice of market with affordable products

Taiping Life Insurance Co Ltd, one of the country's major life insurers, aims to provide more affordable health insurance products, as the company ramps ups it efforts to expand its market.

"We are committed to provide more affordable health insurance products to meet customers' growing demand, which is also in line with the company's strategy to center on protection-oriented products," said Cheng Yonghong, vice-general manager of Taiping Life.

In 2018, Taiping Life customers' newly added health insurance coverage rose by 12.2 trillion yuan ($1.8 trillion), making it one of the best performers in the sector.

The company also launched a new health insurance product which provides a comprehensive protection against serious diseases and hospital care and at a more affordable price.

By the end of June of 2018, Taiping Life had a registered capital of 10.03 billion yuan, and the total assets had exceeded 430 billion yuan.

Wang Jiaqi contributed to this story.