China Life Shanghai Branch Saw 10% Premium Growth 2011

The Shanghai branch of China Life Insurance Company Limited (China Life) (SHSE: 601628, SEHK: 2628 and NYSE: LFC) announced on January 19 that it saw 10% growth in premium income in 2011.

Under the condition that the life insurance market in Shanghai presented negative growth in 2011, the Shanghai branch of China Life in 2011 harvested CNY 8 billion premium income under the new accounting standards, maintaining the double-digit growth trend.

Statistics showed that China Life see double-digit year-on-year growth in 2011 in terms of individual insurance, bancassurance, group insurance as well as short-term insurance business. The company saw a 40% growth in the number of renewed insurance policies in 2011, a growth 6 percentage points higher than that of 2010. The number of renewed insurance policies in 2011 has accounted for 31% of the total.

Meanwhile, the company has made remarkable progress in the adjustment of product structure at preliminary stage, witnessing 26% year-on-year growth in the number of new individual insurance policies paid in installment. The number of ten-year insurance policies has accounted for 36% of the total in 2011, 8 percentage points higher than that of the previous year, which will energetically promote the sustainable growth in premium in the future.