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According to the China Insurance Regulatory Commission, the life insurance joint venture will be allowed to operate in the administrative regions of Shandong province exclusively. It can determine its scope of business on its own under the regulator?s approval.
Aegon-CNOOC said that in 2009, demand will continue to grow grow throughout China's insurance market. As a growing company, Aegon-CNOOC said it believes China will provide substantial market opportunities to the company and it also forecasts the Chinese insurance market next year will be ?very positive.?
In addition, the Shanghai-based life insurer said its future business opportunities will come from ?pension, health insurance and the emerging rural market.?
By the end of November 2008, Aegon-CNOOC had original premium income of 1.37 billion yuan (148 million euros), representing growth of 4.6% from 1.31 billion yuan in October, according to the CIRC.
The regulator reported that during the first 11 months of last year, Qingdao recorded original premium income of 9.53 billion yuan, of which, life premium accounted for 5.84 billion yuan, property premium accounted for 2.63 billion yuan, health insurance accounted for 890 million yuan, and the remaining 163 million yuan was from accident insurance.
According to the CIRC, Shandong province recorded original premium income of 53.62 billion yuan in November 2008, up 7.8% from 49.76 billion yuan in October. Of the original premium income in November, 36.59 billion yuan was from life insurance, 12.73 billion yuan was from property insurance, 3.15 billion yuan was from health insurance, and the remaining 1.14 billion yuan was from accident insurance.
(By Rebecca Ng, Hong Kong news editor: Rebecca.Ng@ambest.com)
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