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The People’s Insurance Co (Group) of China (PICC), the country’s leading insurance conglomerate, has achieved material progress in bringing in a strategic investor, thus paving the way for its listing, the group’s top management said on Tuesday. “We’ve entered the final stage of discussions, and the deal will be definitely inked in the fourth quarter,” [...]
Archive for September, 2010
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CHINA’S PICC POSTS INSURANCE PREMIUM INCOME UP 35% FOR JAN-AUG
Posted by gary on September 15th, 2010
The People’s Insurance Company Group of China (PICC) announced on Tuesday that its insurance premium income exceeded 170 billion yuan (US$25.21billion) in the first eight months of this year, up 35 per cent year on year. By the end of August, total assets of the PICC reached 389.844 billion yuan, an increase of 87.495 billion [...]
ASIA INSURANCE – SEPT 15, 2010
Posted by gary on September 15th, 2010
CHINA’S PICC POSTS INSURANCE PREMIUM INCOME UP 35% FOR JAN-AUG BEIJING – The People’s Insurance Company Group of China (PICC) announced on Tuesday that its insurance premium income exceeded 170 billion yuan (US$25.21billion) in the first eight months of this year, up 35 per cent year on year. By the end of August, total assets [...]
Tags: GSIS parries allegations of poor investments
Posted by gary on September 14th, 2010
Amid allegations of its “mediocre” investment returns, the Government Service Insurance System (GSIS) on Monday said itdisbursed millions of pesos in dividends and benefits to members. In a statement, the state-run pension fund for government workers said it released P650.3 million in dividends to active members and benefits to its retirees. GSIS said P195.3 million [...]
Shengjing Bank Might Take the Lead of City Bank IPO
Posted by gary on September 14th, 2010
Shengjing Bank, based in the northeast Chinese city Shenyang, is expected to be the first among Chinese domestic city lenders to get listed. As the biggest city bank in Northeast China, Shengjing Bank by December 2009 had total assets of CNY 157.9 billion, capital adequacy ratio of 12.01% and the non-performing loan ratio of 0.94%. [...]
China Re Denies IPO Application
Posted by gary on September 14th, 2010
Several insurance firms, including China reinsurance (Group) Company and Taikang life insurance Company, are said to have submitted applications to the regulator for initial public offerings (IPOs) on the Chinese A-share market and be pending for approval currently, said news on September 13, 2010. Insiders predicted that one to two insurance firms will be agreed [...]
Health Care Plan Should Be Dismissed
Posted by gary on September 14th, 2010
The Obama administration hopes a federal judge in Florida will toss a lawsuit by that state and 19 others claiming the president’s health care overhaul is unconstitutional. U.S. District Judge Roger Vinson will hold a hearing in the case Tuesday morning in Pensacola. The states and the government disagree over sections of the law that [...]
Travelers Offers Discounts to Fleets using Telematics
Posted by gary on September 13th, 2010
As part of its ongoing commitment to improve driver safety for its commercial auto customers, Travelers is offering a potential discount of up to 15 percent on certain auto liability insurance premiums for qualifying businesses that effectively use telematics technology to monitor their owned commercial fleets and driver behavior. Similar to global positioning systems (GPS), [...]
