Citic-Prudential has eye on children, families

Citic-Prudential Life Insurance Co Ltd, a joint-venture insurance company in China, will target children and young families as a customer market and aim to build up its children safety brand, according to the company's top management on Thursday.

"The company has just held the first season of its Financial Quotient competition for children," said Chen Zhongde, managing director of Citic-Prudential Life Insurance Beijing Division. "We want to build an image for the company that focuses on children's growth and provides good insurance services for children."

According to Chen, more than 30 percent of the company's clients have bought insurance for their children, and female clients account for 60 percent of the company's total.

As a result, children and young families have become an important part of the company's client group, he said.

The life insurance market has huge potential in China, Chen said. According to statistics from Morgan Stanley, the total value of Chinese life insurance market is expected to reach $1.7 trillion in 2030, with the compound annual growth rate reaching 13.5 percent.

"With the improvement of living standards, the need for commercial insurance is increasing, and clients aged from 25 to 45 have the most purchasing power," Chen said.

Founded in 2000 by China CITIC group and UK Prudential group, Citic-Prudential Life Insurance has maintained a compound annual growth rate of more than 20 percent in the past 18 years, according to the company's statement.

In the first half of 2018, its premium income reached 7.615 billion yuan ($1.11 billion), a year-on-year increase of 18.3 percent.

Fan Hang contributed to this story