A recent McKinsey report suggests China will become the world's second-largest life insurance market by 2020.
McKinsey believes China's life insurance market will see an annual growth of 10 percent in the coming years.
The consulting company attributes the bright future of the sector to the country's fast-growing middle class.
Thailand's Charoen Pokphand Group has brought 15.6 percent of stake in China's Ping An Insurance for over 9 billion US dollars from global bank HSBC.
HSBC says the transaction is part of its strategy to sell non-core assets.
At the same time, China's life insurance giant PICC is set to be listed on the Hong Kong market this Friday.
For more on China's life insurance industry, Peter Smith earlier spoke with CRI's financial commentator Cao Can.
