CCB Life Opens Shandong Branch

CCB Life Insurance, a life insurance unit of China Construction Bank Corporation (SHSE: 601939 and SEHK: 0939), opened a branch in Jinan, a city in Shandong province, yesterday.

The branch, the second one set up by CCB Life in a province after the debut of a Beijing branch, enables the life insurer to expand its marketing network in the three key economic zones in coastal China. CCB Life extends its reach to Shanghai, Jiangsu, Guangdong, Beijing, and Shandong with the launch of the Jinan branch, completing a strategic deployment in the Yangtze River Delta, the Pearl River Delta, and the Bohai Rim Economic Zone.

CCB Life, the first life insurance firm controlled by one of the Big Four state-owned banks in China, is the first mainland China financial company invested by a Taiwan-based financial institution under the Economic Cooperation Framework Agreement (ECFA).

CCB Life raked in insurance premium of CNY 1.28 billion in 2011, leaping 81% year on year. Insurance premium in the second half of the year surged 554% from the comparable period of 2010 and soared 492% from the first half of 2011.