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The Shanghai-based China Pacific Insurance Company (CPIC) Life Insurance announced Friday it had began establishing 20 more branches on the Chinese mainland.
These branches in the country's major large and medium-sized cities are expected to start operation this year, according to sources with the country's leading insurer.
In mid-January, the China Insurance Regulatory Commission officially approved the CPIC Life to establish 20 subcompanies in cities across the country.
Chairman of the Board Xie Yiqun said the network would help CPIC Life to become China's No. 6 national life insurer covering the country's prosperous regions.
Since resuming its life insurance business in 2001, CPIC has reported rapid growth in this sector. Four subsidiaries in Shanghai, Beijing, Guangzhou and Chengdu, which opened operation last year, are showing strong momentum of growth.
CPIC Life premiums mounted to 1.81 billion yuan (US$218 million) last year, registering one of the fastest growths in the domestic industry.
(Xinhua News Agency February 17, 2003)
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