CPIC Sep. Life Insurance Premium up 22%
Saturday, Oct 17,2009, 10:32:30 AM Click:
The premium revenue China Pacific Insurance (Group) Co., Ltd. (CPIC and SHSE: 610601) gained from the nation's life insurance sector in September 2009 reached CNY 6.34 billion, soaring 21.86 percent year on year.
It is the first time for the insurer's monthly premium revenue to rise this year. CPIC began adjusting life insurance structure from October 2008 and as at the end of August 2009, its premium revenue from the sector suffered negative growths for consecutive 11 months.
The premium revenue Ping An Insurance (Group) Company of China, Ltd. (Ping An, SHSE: 601318 and SEHK: 2318) gained from the sector hit CNY 10.3 billion last month, representing a yearly rise of 28 percent. The insurer's monthly premium revenue rose sharply in the first several months of this year and in September, it lowered the settlement rates of universal life insurance products sold via personal channel to 4.25 percent from previously 4.5 percent. In addition, it shifted sales focus onto participating insurance from universal life insurance.
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