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China Merchants Bank, the country's sixth-largest commercial lender in terms of assets, opened a bancassurance website alongside its official website "All in One Net," the first of its kind in the country.

China Merchants Bank has signed an agreement with Ping An (Group) Co, Taikang Life Insurance, CIGNA & CMC, Sino-US MetLife and United MetLife to provide bancassurance products on its websites.

The bancassurance website mainly offers annuity insurance policies as well as health and accident insurance products. Netizens may browse insurance information online and take out policies they need immediately.

The move is to meet increasing demand for bancassurance and snap up the market. Sales through banks were 400 million yuan (US$51.64 million) in 2000 and reached 100 billion yuan in 2006.

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The full text is available in the February Issue of China Insurance.

(For more biz stories, please visit Industry Updates)