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Bohai Property Insurance Company has won approval from the China Insurance Regulatory Commission to set up four branches in Shaanxi, Shanxi, Henan and Jiangsu provinces. They are due to open in the first half of this year, the company said.

The Tianjin-based insurer is making preparations for an application to open another four branches this year in Hunan, Sichuan, Shanghai and Chongqing, according to a company official.

Bohai Property's total gross written premiums topped 100 million yuan (US$12.94 million) in the first quarter of 2007, compared with 8.65 million yuan over the same period of last year. The insurer is targeting a seven-fold increase in premiums to around 600 million yuan this year.