Insurance penetration in China reached 3 per cent in 2002, up from 2.2 per cent the year before, South China Morning Post said. Per capita premium income rose by 41 per cent to reach Yn237.6. Total insurance premiums paid in China increased by 45 per cent yearon- year in 2002, while life insurance premiums rose […]
Category: Banking & Finance
Revenues for China's insurance industry surged 45 per cent year-on-year in 2002 to reach a total of Yn305.3bn, Business Post reported. However, profits were just Yn15.9bn on total capital of Yn579.9bn, representing a return of 3.1 per cent, down from 2001's rate of 4.3 per cent. The figures were announced by Wu Dingfu, chairman of […]
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China Reinsurance to reorganise
China Reinsurance announced that it had received government approval for its plan to split itself into three units, specialising in asset reinsurance, life reinsurance and direct asset insurance. The plan is intended to help the company compete with foreign firms, now that it has lost its monopoly on reinsurance in China. Foreign rivals Munich Re […]
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State banks increase profits
China Construction Bank made a record operating profit of Yn34.3bn in 2002, with a domestic operating profit of Yn34.26bn, 16 per cent more than in the previous year, Xinhua reported. The bank used Yn30.1bn to write off bad debts, Yn5.6bn more than in 2001, to leave a gross profit of Yn4.16bn. Deposits rose by Yn338.1bn […]
China Minsheng Banking Corp, the country's third largest publicly traded lender, announced 2002 profits 45 per cent higher than in 2001. Revenue rose by 41 per cent over the period to Yn7.2bn, while deposits increased by 74 per cent and lending by 90 per cent. However, the bank's profit margin fell to 16.9 per cent […]