In recent years, the Chinese insurance market has grown at a feverish pace. Between 2000 and 2014, industry grew by about 1,200%. During the same period, most of the largest Chinese insurance companies registered shares on the Hong Kong Stock Exchange and other exchanges as part of efforts to reform the industry by reducing government control, increasing transparency and exposure of companies to market and shareholder demands. Today, the largest insurance companies in China are among the largest companies in the world by market capitalization.
China Life Insurance Co., Ltd.
With a market capitalization of about $ 107 billion. China Life Insurance Co., Ltd. (NYSE: LFC) is the largest insurance company in China and one of the leading insurance companies in the world. Modern life in China is based on the creation of the People's Republic of China in 1949. The company manages life and property insurance, as well as provides asset management services and other financial services.
China Life supports a significant nationwide service network with nearly 750,000 specialized agents and more than 60,000 offices. The client base of the company is approaching 200 million people in individual and group life insurance, long-term health insurance policy and annuities. China Life is registered on the Shanghai Stock Exchange, the Hong Kong Stock Exchange and the New York Stock Exchange.
Ping An of China
Ping An of China was founded in 1988 and in 2004 conducted an initial public offering (IPO). While the company started operations as a property insurance and accident insurance company, it has since expanded into life insurance, banking, online financial services and asset management with the stated goal of becoming a comprehensive financial services provider. It has a market capitalization of about $ 90 billion.
Ping An has more than 225,000 full-time employees and partners with more than 625,000 sales agents in China. The company has more than 89 million customers in its divisions. Ping An is listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange.
China Pacific Insurance
China Pacific Insurance Group is an integrated insurance provider offering property and casualty insurance, life insurance and reinsurance, as well as asset and investment management services. The company has more than 300,000 agents and serves about 80 million customers across the country. China Pacific Insurance traces its roots to 1991. It was registered on the Shanghai Stock Exchange in 2007 and the Hong Kong Stock Exchange in 2009. It has a market capitalization of more than 33 billion dollars. China Pacific is one of the leading cargo insurance companies, although all the companies on this list take an active position in this.