China Life Fell Behind Ping An Life in Beijing, Shanghai Trading Markets (press release)
SHANGHAI, Apr 29, 2010 (SinoCast Daily Business Beat via COMTEX) --China's biggest life insurer China Life Insurance Co. (China Life, 601628.SH, 2628.HK) did not achieve better-than-expected performance in Beijing and Shanghai over the past year, compared to Ping An Life Insurance Co., the life insurance arm of Ping An Insurance (Group) Company of China (601318.SH).
Last year, the premium revenues in Beijing's life insurance market amounted to CNY 53 billion; and the premium revenues in Shanghai's life insurance market hit CNY 51 billion, a rise of 4.4 billion or 9.57% year over year.
Among the country's top three life insurers, Beijing-based China Life accounted for a 14.67% share in the life insurance market of Beijing over 2009, versus 47.67% during the year of 2008. As for the southern boomtown Shenzhen-based Ping An Life, the insurer earned life insurance premiums of CNY 11.6 billion from the Beijing market in the year. With a share of 21.85% in local insurance market, Ping An Life thus took the first place among all of the life insurance companies in Beijing over the past year. In the past, it had been China Life that always took the first place.
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