20 percent more insurance policies in 1995 than in the year earlier, the Chinese-language Hong Kong Economic Times reported.

Andrew Yang, the company's vice-chairman, said Top Glory Insurance sold 83,000 policies in 1994, which represents about 12 percent of the market in Hong Kong. The company is expected to break even this year with sales of HK$500 million. The company has 1,750 agents, each selling about 5.3 policies each month on average. There are about 2.7 million insurance policies in Hong Kong, Yang said. In June this year, the mainland government-owned People's Insurance Co. of China paid HK$120 million for a 20 percent stake in Top Glory Insurance.

Top Glory Insurance, which is not related to the locally listed Top Glory International, is a private company majority owned by Singapore's Pacific Century Regional Development, which in turn is controlled by Hong Kong's Pacific Century Group, the investment company of businessmen Richard Li.