New China Life Insurance Co, the country's fourth largest insurer, recorded RMB 66.78 billion in premium income last year, 19.9% more than in 2008, source reported.

The insurer's premium income from core business surged 75.8% from a year earlier to RMB 39.81 billion in 2009.

By the end of last year, the company's market share had risen to 8.23% from 17.3% at the end of September.

Reportedly, Central Huijin Investment Co, a wholly-owned subsidiary of China's sovereign wealth fund, will pay RMB 4 billion to buy a 38.8% stake in New China Life from China's insurance protection fund.

After the stake acquisition, Central Huijin will become the largest shareholder of New China Life and the life insurer will become a state-controlled company.