New China Life Insurance Co said it targets a 15 pct rise in 2008 premium income, to 35.168 bln yuan.

No further details were provided in the statement on the insurer's website.

In mid-2007, China's insurance regulator took a controlling stake in New China Life following an investigation into reports of fund misuse at the company.

Currently, the insurance protection fund holds a 30.55 pt stake in New China Life, with Zurich Insurance Co, the World Bank's International Finance Corp, and Japan's Meiji Life Insurance Co holding a combined 24.9 pct.

Zurich is reportedly to acquire the fund's 30.55 pct stake in combination with Baosteel Group, another major shareholder of New China Life with a 17.273 pct stake.