China Life sees weak industry premium growth
Published: 24 May 2009 18:44:20 PSTBEIJING, May 25 - Chinese industry-wide life assurance premiums will not grow by much this year and may even fall, Wan Feng, president of China Life Insurance Co Ltd <2628.HK> <601628.SS>, said on Monday.
Wan said the reason for the subdued outlook was new Ministry of Finance rules coming into force in 2009 that bar insurers from counting income from investment-linked or universal insurance products as premiums.
"As a consequence, the competitive landscape of the insurance industry will undergo a profound change," he told a meeting of shareholders of China Life, the world's largest life insurer by market value.
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