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China's insurance giant aims high
( 2003-01-25 10:27 ) (8 )

Pacific Insurance Company, one of China's three largest insurers, plans to develop into a share-holding financial conglomerate within 10 years.

The Shanghai-based insurer, China's first national joint-stock insurance institution, aims to become a large diversified corporation which engages in sectors covering insurance, finance, business management and education, according to Wang Guoliang, the insurer's chairman.

Pacific Insurance has registered an annual growth rate of 55 percent in business volume and 22 percent in post-tax profits in recent years. The registered capital of the company has amounted to 9 billion yuan (US$1.09 billion).

Wang said his company aims to realize 44.2 billion yuan (US$5.34 billion) in insurance premiums this year, up 25.9 percent over last year, and a post-tax profit higher than 420 million yuan (US$50.78 million).

Last year, the company gained 35.65 billion yuan (US$4.31 billion) in premiums and 460 million yuan (US$55.62 million) in post-tax profits.

Pacific Insurance now provides property insurance and life insurance services.