ING-BOB Life Insurance Co Ltd, a joint venture between ING Group and Bank of Beijing, is expected to make a profit this year after 10 years of operation, the insurer's general manager Zhang Jianfeng said.
"We made a profit in the first half, but the capital market still poses questions in the second half," said Zhang.
Premium income and gains from capital operations are the two major sources of income for an insurer. It usually takes seven to 10 years for a life insurer to reach a break-even point.
According to Zhang, the bancassurance business is now the major driver of the company's growth. Around 70 percent of the company's premium is contributed by that business.
"In terms of the market share of bancassurance business, we are now ranked first among all the joint venture life insurers," said Zhang.
With a registered capital of 1.75 billion yuan ($276.13 million), the insurer has seven branches and more than 40 outlets.
Zhang said that the company will continue to focus on protection-oriented products instead of investment-oriented products.
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