Continent Insurance Premium Income Rose 13.4%

BEIJING, Nov 10, 2009 (SinoCast Daily Business Beat via COMTEX) --

China Continent Property & Casualty Insurance Co., Ltd. (Continent Insurance) reaped a total premium income of CNY 8.43 billion in the first nine months of 2009, with a 13.4% rise year on year, the Shanghai-headquartered insurance company said in its newest data report.

The company, citing the report, had CNY 1 billion investable funds. Its capital was expanded to CNY 4.72 billion. It had a more than 200% solvency.

In particular, it has been granted by the Chinese authorities to engage in short-term domestic trade credit insurance, becoming one of China's few insurance companies that can get 50% government subsidies for premium income.

Continent Insurance is a subsidiary under the aegis of the Chinese reinsurance giant China Reinsurance (Group) Corporation. The subsidiary's premium income already topped CNY 10 billion in 2007, compared with CNY 1.5 billion in 2004. It has set up a nationwide insurance service network.