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Happy Life Insurance suffers RMB 740 mln-loss in 2011

May. 30, 2012 (China Knowledge) - Happy Life Insurance Co Ltd booked a loss of RMB 740 million last year, 54.2% more than the RMB 480 million loss recorded in 2010, sources reported.
The company's insurance premium income was RMB 50.46 billion in 2011, reflecting a growth of 12.4% YoY that was higher the industrial average.

The insurer saw its surrender value soar 186.9% YoY to RMB 4.82 billion and insurance claims payment rise 135.2% to RMB 1.27 billion last year.

At the end of 2011, Happy Life Insurance's total assets had increased 56.4% from a year earlier to RMB 19.78 billion.

Happy Life was set up in November 2007 and now has a registered capital of RMB 2.32 billion.

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