The People's Insurance Company Group of China (PICC), China's second largest insurer, posted 159.62 billion yuan ($24.71 billion) in revenue in the first half of this year, company sources said Sunday.
China's railway regulator has collected tens of billions of yuan in insurance premiums while insurance compensation has remained unchanged for decades, Chinese media reported on Thursday after a fatal high-speed train collision raised public concern over compensation.
A total of 199 million Chinese rural residents had joined the country's rural pension insurance program by the end of June, an official of the Ministry of Human Resources and Social Security (MOHRSS) said Monday.
PICC, one of China's largest insurers, plans to raise $5 billion to $6 billion in an initial public offering (IPO) in Hong Kong and Shanghai, International Financing Review reported.
Chinese insurance companies' premium income topped 805.66 billion yuan in the first half of the year, up 13 percent year on year, the China Insurance Regulatory Commission said.
The rise comes after revisions to the insurance laws get green light
The combined value of China's insurance premiums rose to 570.8 billion yuan ($87.8 billion) in the first four months of this year, up 109.08 yuan from the figure in the January-March period.
China is drafting details of the Social Insurance Law that will allow it to apply to foreign employees, a senior official with the Ministry of Human Resources and Social Security said Monday.
Seven Chinese insurance companies will invest up to 80 billion yuan ($12.3 billion) to build affordable housing in Beijing, a secure investment that will help them gain government support in investments including nursing homes, said a person familiar with the situation.
People's Insurance Company (Group) of China (PICC) still has no timetable for its overall listing. Despite that fact, the company will soon settle with its strategic investors, China Business News reported Monday.
China's insurance regulator said Friday it had appointed Yuan Li as the president of the China Life Insurance (Group) Company, the country's largest insurer.
Many Chinese people live underinsured or without insurance. That means China's life insurance sector will continue to grow, Peter A Smyth, regional managing director of MetLife Asia Pacific, told chinadaily.com.cn.
China's insurance regulator has approved Goldman Sachs Group's purchase of a 12.02 percent stake, or 102 million shares, in Taikang Life Insurance Co Ltd, the insurance company said in a statement on Friday.
It's almost a consensus that China is a huge market for insurance companies, but the general manager of Taiping Life Insurance Co Ltd said it's just that wish to gain a big market share in China that prevents the development of many insurance companies.
Ping An Insurance (Group) Co, China's second-biggest insurer by market capitalization, said on Wednesday it will not raise capital on the financial markets in the short-term following a rights issue a few weeks ago.
Ping An Insurance Group, one of China's major insurers, said Wednesday its 2010 net profit rose by 23.9 percent year on year to 17.94 billion yuan ($2.73 billion).
China Life Insurance Co, the world's biggest life insurer by premiums issued, said it continues to regard bank insurance as a major trend.
With the nation's medical insurance systems now covering 1.27 billion people out of the country's 1.34 billion inhabitants, key officials vowed on Wednesday to iron out wrinkles encountered by those seeking medical help.
The central government will initiate a pilot insurance exchange in Shanghai, said Wu Dingfu, the head of the China Insurance Regulatory Commission (CIRC).
Shanghai has applied for central government approval of its plans to build an insurance exchange, according to one of the people responsible.
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