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China Insurance Companies

By: EconomyWatch Date: 26 May 2010

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Foreign Insurance Companies In China

Shanghai, there were five insurance companies, but by 2001 there were more than 2010 of which were selling life insurance.

Foreign insurance participation in China was subject to requirements and regulations, which aimed at maximizing Chinese benefits while allowing foreign insurers to participate in China's long-term economic growth.

For a business license, a prospective foreign insurer would have to meet the Following formal criterias:

1) To operate a representative office (where no business could be conducted) in China for a minimum of 2 years.

2) To have parent company assets exceeding US$ 5 billion for a year prior to application;

3) To have at least 30 continuous years of experience in insurance underwriting; and

4) For the applicant home country to have a sound financial regulatory and supervision System.

AIG is the first company to be approved and the only foreign company to be granted 4 licenses to sell both life and property insurances in three cities, was founded in Shanghai in 1919.

ING Insurance,a division of Netherlands ING Group, opened its first representative office in Shanghai in 1993 and received its Joint Venture Life Insurance permit in 2000.

Minsui Marine Insurance Company Ltd. the third largest property insurer in Japan, has set up representative offices in seven Chinese cities since 1981, but only received approval in the year 2001.

Chinese Domestic Life Insurance Companies

Life Insurance Department of central Trust Of China

Taiwan Life Insurance Co. Ltd

Prudential Life Assurance Company Ltd.

Cathay Life Insurance Co. Ltd

China Life Insurance Co. Ltd

Nan Shan Life Insurance Co. Ltd

Kuo Hua Life Insurance Co. Ltd

Shin Kong Life Insurance Co. Ltd

Fubon Life Assurance Co Ltd

Global Life Insurance Co. Ltd

Mass Mutual Mercuries Life Insurance Co. Ltd

Shinung Life Insurance Co. Ltd

Singfor Life Insurance Co. Ltd

Far Glory Life Insurance Co. Ltd

Hontai Life Insurance Co. Ltd

Allianz President Life Insurance Co. Ltd

Aegon Life Insurance (Taiwan) Inc

New York Life Insurance Taiwan Corporation

Metlife Taiwan Insurance Co. Ltd

Life Insurance Division of Chunghwa Post Co Ltd

China Life Insurance Company Limited enjoys leadership in the rapidly growing Life insurance market in China. It was initiated by China Life Insurance (Group) company On June 30,2003 with a registered Capital of 20 Billion Yuan. It mainly conducts three lines of business: life insurance, accidental insurance and health insurance. Mr. Wang Xianzhang is the Chairman of the Board and President of the company.

It enjoys clear leadership in the rapidly growing life insurance market in China. China Life successfully went public on both the New York Stock Exchange and Hong Kong Exchange in December 2003, making it the first Chinese financial enterprise to list in both the United States and Hong Kong. China Life funded $3.5 billion when going public, which was the world's largest IPO in 2003.

China Life enjoys great advantages from its large size. No rival is likely to immediately threaten the giant's leadership.