China’s First Bank
Insurance Starts Practice
Source: Securities
Times Date: 25 Mar, 2006 The first bank insurance company in China,
Sino-French Life Insurance Co., Ltd. (SFLI) officially started practice
yesterday after over 3 years of preparation, Xinhua News Agency
reported.
Bank insurance company refers to those
insurance companies that have been
set up, held or partly held by bank or post. SFLI is a joint venture
established by China Post and French National Life Insurance Company
(CNP
Assurance) together with a registered capital of 200 million yuan, each side held 50%. In the
condition of capital marriage, SFLI has provided with the substance of
bank
insurance company.
Since 2000,
bank insurance is rapidly becoming an important insurance marketing
channel, forming “three pillars” with individual agent and
group insurance. Commission insurance business has become an important
source
of
revenue for middle business of banking financial institutions. For
China Post,
it is self-operating needs to develop financial business as expansion
of
savings, insurance agents and so on. At present, financial business has
accounted for about 50% of its overall business. In 2005, the national
premium income
of post deputy has reached more than 22 billion
yuan, of which over 95% came from life insurance business. |
