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Insurer aims to insure Zhejiang

 

AEGON-CNOOC Life Insurance Co opened a branch yesterday in Hangzhou in its first foray into Zhejiang Province as it aims to boost premium income among the province's population.


The joint venture life insurer targets the middle-class segment in the province, especially private owners of small and medium-sized enterprises and their families, it said in a statement.


Zhejiang Province has a strong base of entrepreneurs, with private enterprises accounting for 30 percent of the country's total.


The province was ranked sixth in terms of premium income in the country. The insurer will take a multi-channel mode including agents, direct sales and sales via bancassurance to boost its premium income in the province.


Products like financial risks planning and financial protection for employees of SMEs are being planned. Bancassurance now accounts for a big stake of its premiums elsewhere.


The life insurer has branches in Beijing and Jiangsu and Shandong provinces besides its Shanghai headquarters.


The insurer, which teamed up with Chinese Red Cross Foundation to set up sanitation stations in rural areas, such as in Guizhou Province, is not targeting the rural market for business expansion.


The insurer's premiums grew a whopping 81 percent year on year to 599.7 million yuan (US$79.85 million) in the first eight months as it tapped the country's growing demand for financial protection.


——以上摘自9月21日《上海日报》