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Bancassurance premiums up 300% in Q1

By Zhao Tingting (chinadaily.com.cn)
Updated: 2008-04-16 16:52

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Related readings:  China Merchants Bank opens bancassurance website  BOC sets up strategic tie with China Life  Everbright bank buying into Prudential China fund JV

The bancassurance businesses of Chinese insurers surged in the first quarter, and some grew by as much as 300 percent. Banks involved also gained considerable commissioning benefits.

With the continuous fluctuations in the stock market, sales of investment concerned insurance products have varied. "Sales of universal life insurance products and dividend insurance products accounted for the greatest percentage in the insurance market, while investment-linked products that started just last year accounted for only a little," said sources.

"In the first quarter, New China Life collected about 12 billion yuan premiums through banking outlets, up 190 percent year on year," according to the insurer's sales department. The insurer collected 12 billion yuan premiums in Shanghai in the first quarter, up 200 percent year on year. Sales of its universal life insurance in banking outlets boomed to 1.1 billion yuan, up 300 percent year on year and accounting for 85 percent of its overall premiums in Shanghai.

"Taikang Life Insurance Co Ltd collected 1.11 billion yuan premiums in Shanghai in the first quarter, up 144 percent year on year. Bancassurance premiums there totaled 826.9 million yuan, accounting for 74.76 percent of the total," according to an unidentified member of Taikang Life Insurance.

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