China Life Insurance, Their Vision for 2011

One of China’s largest providers of life insurance, China Life Insurance Co., stated today that it will continue to focus on their fixed-income investments throughout this year. The announcement comes amidst a series of rate hikes occurring within the industry. China Life Vice President, Liu Jiade, has said that the insurer’s fixed-income products will account for approximately 78% of the company’s investment portfolio in 2011. Last Tuesday, China Life reported that their net profits for last year did not meet expectations. While profits rose by 2.3%, the insurer had a…

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Largest insurers in China have legal problems

Largest insurers in China have legal problems

On Monday, China’s audit office found “improper and illegal activities” involving the nation’s two largest insurance companies: People’s Insurance Co. of China and China Life Insurance. The audit found that SNY3.02 billion ($458 million) had been involved with the illicit activity. Officials with the National Audit Office said that the companies were involved in an array of improper settlements, illegal international investments, and selling fraudulent insurance policies. The crimes were found after an inspection of the books from 2009. 350 people directly involved in these events were taken into custody…

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