Taikang Life Insurance Co., the fifth-largest life insurer in China in terms of premiums, has been cleared to set up a new branch in southern China's Hainan province.
The Beijing-based insurer was incorporated in August 1996. It then developed 32 branches and 265 sub-branches in Beijing, Shanghai, Hubei, Shandong and Guangdong by the end of 2009, with a customer base of more than 18 million, according to Taikang Life.
In September, Taikang Life realized total original premium income of 70.23 billion yuan (US$10.56 billion), up 11% from 63.28 billion yuan in August. In terms of premiums, Taikang Life follows China Life, Ping An Life, New China Life and China Pacific Life, respectively, according to the China Insurance Regulatory Commission.
In 2009, the insurer said it realized premium income of more than 67 billion yuan and profit after tax of 2.48 billion yuan. Its solvency ratio reached 208, while its total assets were 199.51 billion yuan by the end of the year.
The life insurer also established asset management and pension insurance subsidiaries in 2006 and 2007.
Taikang Life said it aims to develop five major businesses covering life insurance, health insurance, enterprise annuity, asset management and pension business in the future.
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