Related News
Life insurers see 'moderate' premium rise
By Zhang Dingmin |
January 16, 2009, Friday
|
Print Edition
Print Edition
PREMIUM growth at China's life insurers will "moderate" this year as the global financial crisis deepens and the nation's economic expansion cools, eroding demand, the industry regulator said.
A "rapid deceleration" in the sales of investment-type products over bank counters that started in the fourth quarter last year will also contribute to the slowdown, while improving quality, China Insurance Regulatory Commission said in a statement sent to Bloomberg News.
Growth in bancassurance sales at China Life Insurance Co, the nation's biggest insurer, and peers surged last year as insurers fought for market share and banks sought commissions as lending slowed under government curbs. Premium growth also helped bolster profits as a 66-percent stock-market slump cut insurers' investment returns.
China Pacific Insurance (Group) Co, the nation's No. 3 insurer, yesterday said premiums hit 93.9 billion yuan (US$13.7 billion) last year.
"The risk of a rapid slowdown in life premiums in the first quarter or half of this year does exist given last year's base," said Olive Xia, an analyst at Core Pacific Yamaichi in Shanghai. "Whether that will have a major impact on insurers' profits depends on whether they can tilt their products toward more profits."
A "rapid deceleration" in the sales of investment-type products over bank counters that started in the fourth quarter last year will also contribute to the slowdown, while improving quality, China Insurance Regulatory Commission said in a statement sent to Bloomberg News.
Growth in bancassurance sales at China Life Insurance Co, the nation's biggest insurer, and peers surged last year as insurers fought for market share and banks sought commissions as lending slowed under government curbs. Premium growth also helped bolster profits as a 66-percent stock-market slump cut insurers' investment returns.
China Pacific Insurance (Group) Co, the nation's No. 3 insurer, yesterday said premiums hit 93.9 billion yuan (US$13.7 billion) last year.
"The risk of a rapid slowdown in life premiums in the first quarter or half of this year does exist given last year's base," said Olive Xia, an analyst at Core Pacific Yamaichi in Shanghai. "Whether that will have a major impact on insurers' profits depends on whether they can tilt their products toward more profits."
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
