Awareness set to lift premiums for Taikang
By Zhang Fengming |
May 7, 2010, Friday
|
Print Edition
Print Edition
TAIKANG Life Insurance Co expects its premiums to continue growing by double digits this year as it banks on a greater awareness among Chinese for life insurance, the insurer's president said.
Its optimism for continued growth also stemmed from a strong performance in the first quarter when it generated a 56 percent jump in premiums annually to 33.6 billion yuan (US$4.9 billion), according to data from the China Insurance Regulatory Commission.
"Life insurance products are growing strongly due to a rising economy," said Liu Jinglun, president of Taikang, as more Chinese turn to financial protection products as they accumulate wealth.
The fourth-biggest life insurer in China said it will offer a special bonus, which may amount to more than 3 billion yuan, to its participating policy holders this year.
On top of its protection feature, a participating policy is an insurance product that pays a dividend to its holder. This type of policy accounts for 70 percent of its total life premiums, Taikang said. It unveiled a new life-long participating policy yesterday.
The special bonus won't impact its solvency, the insurer said. Its solvency ratio, which is an indication of an insurer's ability to meet its long-term obligations, stands at 208 percent.
Its optimism for continued growth also stemmed from a strong performance in the first quarter when it generated a 56 percent jump in premiums annually to 33.6 billion yuan (US$4.9 billion), according to data from the China Insurance Regulatory Commission.
"Life insurance products are growing strongly due to a rising economy," said Liu Jinglun, president of Taikang, as more Chinese turn to financial protection products as they accumulate wealth.
The fourth-biggest life insurer in China said it will offer a special bonus, which may amount to more than 3 billion yuan, to its participating policy holders this year.
On top of its protection feature, a participating policy is an insurance product that pays a dividend to its holder. This type of policy accounts for 70 percent of its total life premiums, Taikang said. It unveiled a new life-long participating policy yesterday.
The special bonus won't impact its solvency, the insurer said. Its solvency ratio, which is an indication of an insurer's ability to meet its long-term obligations, stands at 208 percent.
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