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Samsung Air China Life Wins Approval for Qingdao Branch

Posted on: Tue, 24 Nov 2009 11:25:00 EST

Symbols: LFC, AICAF

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QINGDAO, China, Nov 24, 2009 (A. M. Best via COMTEX) --
LFC | Quote | Chart | News | PowerRating -- The China Insurance Regulatory Commission said in a statement it has permitted Samsung Air China Life Insurance to set up a new branch in north China's Qingdao municipality with a construction period of six months.

Established on May 26, 2005, Samsung Air China Life Ins. Co. Ltd. is the first Beijing-based Sino-South Korea life joint venture between Air China Ltd. and Samsung Life Insurance Co. Ltd.

Currently, the insurer operates in north China's Beijing and Tianjin, providing insurance services covering life, savings, investments, endowment and medical.

By the end of October, Samsung Air China Life recorded cumulative original premium income of more than 193 million yuan (US$28 million), up 3.8% from 186 million yuan in September, said the CIRC.

(By Rebecca Ng, Hong Kong news editor: Rebecca.Ng@ambest.com)

For full details on China Life Insurance Company Limited ADS (LFC) LFC. China Life Insurance Company Limited ADS (LFC) has Short Term PowerRatings at TradingMarkets. Details on China Life Insurance Company Limited ADS (LFC) Short Term PowerRatings is available at This Link.

For full details on (AICAF) AICAF. (AICAF) has Short Term PowerRatings at TradingMarkets. Details on (AICAF) Short Term PowerRatings is available at This Link.

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