More than 350 staff in two of China’s state-run insurance companies have been caught committing fraud to the tune of 3 billion yuan ($449.2 million).

An official auditor’s report revealed misconduct within China Life Insurance and the People’s Insurance Company of China in 2009.

According to the China Daily this included expense fraud, false premium increases and fake claim settlements.

The state auditor revealed last week that 352 employees in the two companies were responsible for the discrepancies and have been either punished or dismissed.