China Life Insurance Market Report, 2006-2007
  • Jul/2007
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The targeted substitute rate of basic endowment insurance in China is 55%-60%; however, till the end of 2006, the number of working people with basic endowment insurance was just 141 million, accounting for 18.5% of the total employed population. Calculated at the average growth pace of 6% in the recent 4 years, plus the increase of employed population, the coverage rate of basic endowment insurance can not reach 100% in 30 years.

The majority of the income of Chinese citizens is deposited in banks, but not used to buy insurance. In 2005, the saving deposits amounted to over USD 1.8 trillion, while the insurance premium revenue was just USD 39.6 billion, equal to 2.2% of the newly-increased bank deposits.

Generally, the annual compounded growth rate of China life insurance industry will be 16.7% from 2007 to 2010, the life insurance scale will reach RMB 767.6 billion in 2010, and RMB 2 trillion in 2020, but the figure is still small compared to the current saving deposit scale of RMB 17 trillion.

Comparison of Life Insurance Premium Growth Rate between China and Other Main Countries in the World, 2003-2005


Market Shares of Top Three Enterprises in China Life Insurance Market


 Product Percentage Comparison between China Life Insurance and Ping'an Insurance, 2005

1 Overview of China Life Insurance Industry 
1.1 China Life Insurance Market is still in the Preliminary Development Stage
1.2 China Life Insurance Industry Experienced Two Development Cycles

2 China Life Insurance Market 
2.1 Influence of Macro Economy Development
2.2 Demand Space of Life Insurance 
2.3 Influence of Deepening Finance Reform on Insurance Industry 
2.4 Forecast of China Life Insurance Industry, 2007-2010 

3 Industrial Competitive Patterns 
3.1 Foreign Capital Competition Becomes Fiercer, but the Scale is too Small to Change the Original Layout
3.2 Leading Companies Become more Competitive in the Market-oriented Competition of Insurance Rate

4 Favorable Factors of Life Insurance Companies 
4.1 Rate Increases and Investment Channel Broadens, so the Investment Return Rate Rises 
4.2 Business Structure Adjusted, and the New Business Value Rises 

5 Comparisons between China Life and China Ping'an 
5.1 Market Position: Brand vs. Creativity 
5.2 Comparison of Product Structure: High Risk vs. Large Proportion of Installment Payment
5.3 Comparison of Interest Increase: Embedded Value vs. New Business Value 
Insurance Scale Comparison between China and Other Main Countries in the World, 2005 
Life Insurance Depth Comparison between China and Other Main Countries in the World, 2005 
Life Insurance Density Comparison between China and Other Main Countries in the World, 2005 
Life Insurance Premium Growth Rate Comparison between China and Other Main Countries in the World, 2003-2005 
Life Insurance Premium Increase Rate, 1994-1005 
Forecast of UNPD on China Population Bring-up/Support Rate Variation 
China Endowment Insurance Scale, 2005 
Assets Scale Comparison between Insurance Industry and Bank of OECD
Market Shares of Top Three Enterprises in China Life Insurance Market
Market Shares of Foreign Insurance Companies in China Life Insurance Market 
Change of One-year Saving Rate and Life Insurance Assumed Interest Rate 
Investment Return Rate Variation of Insurance Capital in China, 2001-2006 
Change of Bank Insurance Premium/Life Insurance Premium Revenue Ratio, 2001-2005 
Annual New Business Value Profit Rate Change of Ping'an Life Insurance, 2003-2006 
Ratio of New Products in Life Insurance Premium Revenue, 2001-2005 
Insurance Product Structure of Main Countries in the World 
Product Type Comparison between China Life Insurance and Ping'an Insurance, 2005 
Product Period Comparison between China Life Insurance and Ping'an Insurance, 2006 
Comparison of Assumed Investment Return Rate between China Life and China Ping'an 
Life Insurance Premium Increase since 2006 
Forecast of UNPD on China Population Composition Change 
Saving and Life Insurance Comparison of China, USA and Japan, 2005 
Forecast of China Life Insurance Premium Revenue Increase 
Main Application Channels of China Insurance Capital till May, 2007
Top Ten Sectors in Insurance Premium and Ratio of Ping'an Life Insurance and China Life 
Sensitivity Comparison of Evaluation to Investment Return Rate between China Life and China Ping'an 

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