Mainland stock market listing candidate New China Life Insurance reported 249 per cent year-on-year growth in premiums to 2.6 billion yuan (about HK$2.43 billion) in the first half.
The company attributed the growth to the participation of foreign shareholders in strategy planning, China Securities Journal reported.
Last year, Switzerland's Zurich Financial Services, the World Bank's International Finance Corp, Meiji Life Insurance and Netherlands Development Finance, together injected US$95 million into New China Life as an initial investment, taking a combined stake of 24.9 per cent in the country's first home-grown private insurer.
The move raised New China Life's paid-up capital to US$145 million.
The foreign investors expected New China Life, said to be China's fourth-largest life insurer, to help them tap into the country's fast-growing domestic insurance market, which is expected to double in size in the next few years.
Other foreign insurers scrambled to invest in mainland domestic insurers rather than wait five years following the country's entry into the World Trade Organisation to gain full access to the mainland market.
