Insurer targets regular premiums
By Zhang Fengming |
December 22, 2009, Tuesday
|
Print Edition
Print Edition
ALLIANZ China Life Insurance Co will grow its regular-premium business in China and cut its single-premium products as it seeks a healthy and stable expansion in China, its chief executive said yesterday.
"We expect the regular premium to at least double or maybe triple next year," said Wilfred John Blackburn, CEO of the joint venture insurer. "We don't expect much growth in the single-premium sector as it's not our focus."
The Shanghai-based insurer, set up 10 years ago as the first Sino-German life insurer, expects to break even in four years as it seeks expansion that will generate a profitable growth in China.
Bancassurance contributed to 65 percent of the insurer's total premiums, while agents provided most of the remaining 35 percent.
The China Insurance Regulatory Commission is asking insurers to boost their regular-premium products rather than relying on short-term single-premium products.
Foreign insurers in China aim for a bigger market share. Overseas life insurers have 5 percent of the market on the Chinese mainland.
"We expect the regular premium to at least double or maybe triple next year," said Wilfred John Blackburn, CEO of the joint venture insurer. "We don't expect much growth in the single-premium sector as it's not our focus."
The Shanghai-based insurer, set up 10 years ago as the first Sino-German life insurer, expects to break even in four years as it seeks expansion that will generate a profitable growth in China.
Bancassurance contributed to 65 percent of the insurer's total premiums, while agents provided most of the remaining 35 percent.
The China Insurance Regulatory Commission is asking insurers to boost their regular-premium products rather than relying on short-term single-premium products.
Foreign insurers in China aim for a bigger market share. Overseas life insurers have 5 percent of the market on the Chinese mainland.
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