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October 21, 2009

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Sun Alliance likely to see profit in 2010

SUN Alliance Insurance (China) Ltd is likely to be profitable in 2010 by serving more domestic clients as it is confident China's stimulus polices will propel economic growth.

The insurer, a wholly owned Shanghai subsidiary under the world's leading insurance group RSA, will use a 500 million yuan (US$73.2 million) investment from its parent to expand business, including opening branches, in more cities across China. It opened a branch in Beijing this month. RSA had said in an earlier interview that it aims to set up 11 branches in China by 2011 to accelerate expansion.

"We aim to be a multi-specialist insurer in China with a clear focus on property, casualty, marine, construction and engineering, and renewable energy insurance," said Greg Otterson, chief executive officer of RSA China.

The British insurer is looking to drum up more business from Chinese clients, including smaller companies, as it eyes potential growth brought by the government's economic stimulus policies.

"The majority of our new clients are from China as they are looking for high quality insurance products," Otterson said.


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