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New China Life premium income up 68% in H1

By Hu Yuanyuan (chinadaily.com.cn)
Updated: 2010-07-12 18:17

New China Life Insurance Co (NCL), the country's fourth-largest life insurer, reported a 68 percent year-on-year increase of premium income in the first six months of this year, driven by the company's strong growth in the bancassurance business, NCL's vice president said on Monday.

NCL's premium income hit 54 billion yuan in the first half year, with the company's market share exceeding 9 percent, following China Life and Ping An.

"The rapid increase has contributed to the fast growing bancassurance business," said Huang Ping, NCL's vice president.

The company's bancassurance premium income jumped more than 60 percent to 29 billion yuan in the first six months.

"And we will further strengthen our exploitation in high-end business and diversify our products sold through bancassurance," Huang added.

The company launched a pension product Monday, targeting the country's white collar workers, who are preparing for their life after retirement.

It is also China's first long-term pension product sold through bancassurance channels.