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New China life insurance Co. (NCL) expects to issue not more than CNY 10 billion five-year subordinated debt and maximum CNY 5 billion ten-year debt financing instrument to improve its solvency, according to its announcement on February 1. The debt issues will be subject to regulatory approval. The total CNY 15 billion debt financing will [...]
Archive for February 13th, 2012
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Sino Life Insurance Mulls An Insurance Group
Posted by gary on February 13th, 2012
Sino life insurance Co. is expecting to grow into an insurance group that will operates property insurance, pension insurance and insurance sales units in addition to life insurance before launching an overall listing. Sino life insurance, incorporated in March 2003, had CNY 56.6 billion total assets and CNY 50.679 billion liabilities as at November 30, [...]
China 2011 Saw CNY1.43trn Original Insurance Premium
Posted by gary on February 13th, 2012
China’s insurance industry saw CNY 1.43 trillion total original insurance premium in 2011, a 1.3% year-on-year slip. Of this, the original property insurance premium reached CNY 461.8 billion, increasing 18.54%, owing to the continuing booming commercial motor vehicle insurance, while the original life insurance premium was about CNY 972.1 billion, decreasing 8.57%, because of some [...]
2011 Life Insurance Premiums Fell in China
Posted by gary on February 13th, 2012
Sixty life insurance companies in China got CNY 956 billion original premiums in 2011, compared with CNY 1.05 trillion original premiums in 2010, according to latest statistics from China Insurance Regulatory Commission. Of the top six life insurers by market share, China life insurance Co., China Pacific life insurance Co. and New China Life Insurance [...]
Allianz China General Insurance OKed to Set up Branch
Posted by gary on February 13th, 2012
The CIRC (China Insurance Regulatory Commission) announced on February 8 that it had approved the application of Allianz China General Insurance Company Ltd. to set up a branch in Shanghai. The branch company is restricted to operate business within the administrative area of Shanghai municipality. Headquartered in Guangzhou, Allianz China General Insurance is a foreign-owned [...]
China to Set up National Security System in 2012
Posted by gary on February 13th, 2012
Hu Xiaoyi, vice minister of China’s Ministry of Human Resources and Social Security disclosed on February 11 that the nation’s urbanization rate hit 1.27% in 2011, above 50%. The vice minister continued that by the end of 2011, there were 360 million people participating in social security system and over 100 million senior residents in [...]
PICC Property and Casualty Signed Deal with SSE
Posted by gary on February 13th, 2012
PICC Property and Casualty Company Limited recently signed a strategic cooperation agreement with Shanghai Shipping Exchange (SSE). As for premium, PICC Property and Casualty now ranks No. 1 in Asia and No. 7 in the world among comparable non life insurance companies. The SSE is China’s only national shipping exchange jointly established by the Ministry [...]
