(Xinhua)
Updated: 2008-02-17 10:37

China Ping An, China's second largest life insurer raked in 14.51 billion yuan ($2.01 billion) in premiums in January, a hefty 49.33 percent increase year on year, the company said on Friday.

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The company said the strong growth was due to steady performance with its core business. Improved product mix and its foray into the banking and asset management business also boosted revenue.

Total premiums included 10.82 billion yuan for life insurance, which is the core business for the Shanghai-listed insurer. That represents a 43 percent growth from the same period last year,

Chinese insurers had paid out more than one billion yuan in claims stemming from the severe wintry weather, said the country's insurance regulator on Wednesday.

Insurers led the slump in the mid-week as investors worried about heavy losses caused by indemnities to be paid to snow-hit regions.

Ping An said its core business would keep prospering in the near future and will benefit from the bright outlook of the industry.

The company took in 100.7 billion yuan in premiums in 2007, up 17 percent year on year. Net profit is expected to double from 2006 because of its improved strategy and the launch of the new operation management platform that aims to integrate information and enhance efficiency.