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China's PICC Sees Premium Income Reach 100 Billion Yuan in 2008: "BEIJING, Jan 07, 2009 (A. M. Best via COMTEX) -- PICC Property and Casualty Co. Ltd. [77633], the largest nonlife insurer in China, said its direct premium income for 2008 reached 100 billion yuan (10.8 billion euros), a new record for the company.
The total represents growth of 72.19% when compared with the figure in 2003, the year PICC was restructured and listed on the Hong Kong stock exchange.
According to PICC, the accumulated insurance liability that has been underwritten by the company since 2003 was 238.7 trillion yuan, representing an average amount that is 200% of China?s cumulative gross domestic product over the same period."
07 January 2009
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