China’s life insurers doing well
China’s largest life insurers have announced steep climbs in profit for 2007.
China Life Insurance, the country’s largest life insurer, almost doubled net profit, booking a 95% gain on the back of strong premium growth and surging investment income.
The company banked RMB38.9 billion ($6 billion), compared to RMB20 billion ($3.1 billion) the previous year.
Income from gross written premium and fees moved ahead 13% to RMB112 billion ($17.4 billion) while total revenue climbed 30% to RMB191.4 billion ($30 billion).
No 2 life insurer Ping An Insurance reported a 138% surge in net profit to RMB19.2 billion ($2.97 billion).
Total income was RMB137 billion ($21 billion), up 55% on the prior year, while gross written premium increased almost RMB11 billion ($1.7 billion) to RMB79 billion ($12.2 billion).
Ping An says it aims to further enhance its financial services and global investment business.
It has begun by handing over €2.15 billion ($3.7 billion) for a 50% stake in the asset management business of Fortis, the Belgian financial group, which announced the play on March 19.
China Life Insurance, the country’s largest life insurer, almost doubled net profit, booking a 95% gain on the back of strong premium growth and surging investment income.
The company banked RMB38.9 billion ($6 billion), compared to RMB20 billion ($3.1 billion) the previous year.
Income from gross written premium and fees moved ahead 13% to RMB112 billion ($17.4 billion) while total revenue climbed 30% to RMB191.4 billion ($30 billion).
No 2 life insurer Ping An Insurance reported a 138% surge in net profit to RMB19.2 billion ($2.97 billion).
Total income was RMB137 billion ($21 billion), up 55% on the prior year, while gross written premium increased almost RMB11 billion ($1.7 billion) to RMB79 billion ($12.2 billion).
Ping An says it aims to further enhance its financial services and global investment business.
It has begun by handing over €2.15 billion ($3.7 billion) for a 50% stake in the asset management business of Fortis, the Belgian financial group, which announced the play on March 19.