China's biggest life insurer China Life Insurance Company Limited (China Life, 601628.SH, 2628.HK) reaped premiums of CNY 151.5 billion in the first five months of 2008, thanks to contributions made by bancassurance business, according to latest data from the listed insurer.
This May, its original premiums amounted to CNY 23.5 billion, increasing 82.4% compared to the previous year, thus hitting a record for single-month premium growth.
In January to May, China Life achieved an average of 48.1% year-on-year growth in its insurance premiums.
Haitong Securities analyzed in a report that such a strong growth of the insurer shall be mainly attributed to a large growth in bancassurance business.
On April 22, 2008, China Life launched its first investment-linked insurance product. In the past, China Life has been focusing on traditional insurance products and participating insurance. The design of investment-linked product signals the giant's action to improve product structure.
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