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China Life sees lower market share

By Li Huayu (chinadaily.com.cn)
Updated: 2008-05-04 10:51

Chinese basketball players Yao Ming, right, and his wife Ye Li huddle under umbrellas during a television commercial shoot for China Life Monday, December 3, 2007 in Houston. [Agencies]

In 2007, China Life Insurance had a market share of 39.73 percent, down from 44.6 percent in 2006. Its premiums reached 196.62 billion yuan ($28.13 billion), up 8.53 percent, compared with 13 percent growth in 2006.

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Latest statistics from the China Insurance Regulatory Commission show that premiums collected by China Life's life insurance business grew 21.86 percent, a rate much higher than its overall premium growth.

In the first two months of 2008, the company's premiums were 59.66 billion yuan, a year-on-year increase of 38.6 percent, lower than growth of the industry's personal insurance premiums. Premium growth of China's personal insurance companies was 58.19 percent higher than a year earlier.

Some analysts attributed China Life's dwindling market share to its absence of multi-purpose and unit-linked insurance businesses, which surged 558 percent and 110 percent respectively with last year's booming stock market.

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