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China's Sunshine Life Approved for Shanghai Branch

 

Saturday, Nov 28,2009, 10:15:29 AM   Click:

Beijing-based Sunshine Life Insurance Co. Ltd. won regulatory approved to set up a branch in Shanghai.

Earlier in November, Sunshine Life's sub-branch in southern China's Shenzhen commenced operations, bringing its total operations in Shenzhen to 22 locations.

Established in December 2007, Sunshine Life is a subsidiary of Sunshine Insurance Group, with registered capital of 660 million yuan (US$96.64 million).

At the end of October, Sunshine Life recorded cumulative original premium income totaling 3.04 billion yuan, up 17.8% from 2.58 billion yuan in September, according to the China Insurance Regulatory Commission.

In the first 10 months of this year, the Shanghai market had total original premium income of 54.72 billion yuan. Of the total, 37.72 billion yuan came from life insurance, 12.35 billion from property insurance, 3.53 billion from health insurance and the remaining 1.12 billion yuan from accident insurance, said the CIRC.

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