This Day, That Year

Editor’s Note: This year marks the 40th anniversary of China’s reform and opening-up policy.

The insurance industry has experienced rapid expansion over recent decades thanks to the reform and opening-up policies.

On Jan 9, 2007, China Life Co returned successfully to the A-share market in Shanghai, making itself the country’s only financial insurer triple-listed home and abroad.

The life insurer listed on the Hong Kong Stock Exchange and the New York Stock Exchange in 2003, raising $3.5 billion in that year’s largest initial public offering.

The fast expansion of China Life reflects the revival of the country’s insurance sector.

In 1980, the insurance market was first reopened as part of the post financial reforms with insurance pre- miums totaling 640 million yuan ($99 million).

In 1992, the People’s Bank of China granted American Insurance Group a permit to begin selling individual life and property insurance in Shanghai.

From then on, the government began a wider opening of the country’s insurance market.

From 1992 to 2000, the government granted licenses to a total of 16 companies — including Taiping Insurance Co and China Insurance Co.

From January to October, the country’s insurance premiums reached 3.2 trillion yuan, according to the commission.