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China Life sees weak industry premium growth

Sun May 24, 2009 10:42pm EDT

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BEIJING, May 25 (Reuters) - Chinese industry-wide life assurance premiums will not grow by much this year and may even fall, Wan Feng, president of China Life Insurance Co Ltd (2628.HK) (601628.SS), said on Monday.

Wan said the reason for the subdued outlook was new Ministry of Finance rules coming into force in 2009 that bar insurers from counting income from investment-linked or universal insurance products as premiums.

"As a consequence, the competitive landscape of the insurance industry will undergo a profound change," he told a meeting of shareholders of China Life, the world's largest life insurer by market value. (Reporting by Michael Wei and Alan Wheatley; Editing by Ken Wills)



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