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China Pacific Life Bancassurance Boomed in Q1

 

Thursday, Apr 22,2010, 8:16:47 PM   Click:

Products China Pacific Life Insurance Co., Ltd. sold in the first quarter of this year are mainly security-oriented insurance and long-term saving-oriented insurance, revealed top executives of its parent China Pacific Insurance (Group) Co., Ltd. (CPIC, SEHK: 2601 and SHSE: 601601) at a conference.

The premium revenue gained from salespersons rose slowly while that from bancassurance surged sharply. The sales environment of the nation's bancassurance improved to a large extent after a series of move taken by the China Insurance Regulatory Commission (CIRC), the top Chinese insurance regulator, in 2008. Currently, the life insurer mainly sells security-oriented insurance products and long-term saving-oriented insurance products via the channel, which in turn help raise the business value of its bancassurance.

Statistics show that the premium revenue it gained in 2009 hit about CNY 6.2 billion, soaring 29.6 percent year on year, allowing CPIC to rank number one among three Mainland China-listed insurers.

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