China's Ping An Life to offer more investment-linked insurance products |
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Fri, 31 Aug 2007 07:16
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BEIJING (XFN-ASIA) - The China Insurance Regulatory Commission (CIRC) said it has given approval to Ping An Life Insurance Co, a unit of Ping An Insurance (Group) Co of China Ltd (SHA 601318; HK 2318), to launch two more insurance products linked to fund investment.No further details were provided.China Life Insurance Co Ltd (SHA 601628; HK 2628) was also approved to launch an investment-linked insurance product, the first of its kind for the country's largest insurer.Insurance companies, especially foreign insurers, are increasingly seeking to launch investment-style products in China at a time when the country's stock market is booming.In the past three months alone, the CIRC has given similar approvals to eight insurers, including joint ventures with ING Group, CIGNA Corp and Italy's Assicurazioni Generali SpA, as well as AIA, a unit of American International Group Inc (AIG).CIRC data show that China's insurance sector raised 9.63 bln yuan from the sale of investment-linked products in the first six months of this year, with foreign insurers recording growth of 720 pct, compared with 190 pct growth by domestic insurers offering such products.( 1 usd= 7.55 yuan)allen.shu@xfn.com-xfnals/xfnjanmCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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