Tuesday, January 7, 2020
Martin Hennecke

Insurer eyes bigger market share
New China Life Insurance's (1336) new chairman and chief executive Li Quan said the insurer's market share is expected to climb higher than the current 3.5 percent within the next three to five years. The company, which once had a 9 percent share, was undervalued, he added. Li said the company aims to be ranked in the top ten insurance companies in mainland China in the next three to five years, and the aging population will also promote the growth of the life insurance business. Li expects the company will record growth in new business value in the future after adjusting its strategy. NBV for the first half of this year slid 9 percent from a year ago to 5.89 billion yuan (HK$6.56 billion). The insurer had expanded its sales team over the past year to around 440,000 agents as of end-September and the number is expected to reach 500,000 by the year-end.
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