BANCASSURANCE DRIVES MINSHENG LIFE REVENUE GROWTH

Substantial bancassurance growth contributed to first half premium income at Beijing-based Minsheng Life Insurance increasing 215.3% year-on-year to Yuan3.66bn. Individual salespeople accounted for Yuan496m of the premium – representing 87.6% year-on-year growth, while the balance came from bancassurance sales – growth of 464.3%, compared with last year. Minsheng Life Insurance was founded six years ago by 21 companies, including WanXiang Capital and China Oceanwide Holdings Group, and has grown into one of the largest life insurers in China. Last month it got the go ahead to open a branch in Shaanxi Province’s capital Xi'an