ICBC dominates annuity market

Industrial and Commercial Bank of China<601398><1398> continues to dominate the annuity market with a total of 1.82 million accounts and RMB 13.9 billion under management.

The figures are provided at the end of July this year with the bank offering annuity services to 1041 enterprises. According to Ministry of Labor and Social Security, at the end of 2006, the number of annuity accounts is 3 million with a total of RMB 15.8 billion assets. More than half of these accounts are under the ICBC's management.

The bank has set up several enterprise annuity centers this year. The centers specialize in providing annuity management to enterprises and are offered in 37 branches throughout the country.