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The Sunshine Insurance Group recently received approval from the China Insurance Regulatory Commission (CIRC) to directly invest in unsecured bonds.
The CIRC has granted the credit risks management qualification to Sunshine Insurance, which means the company could invest in the unsecured bonds directly.
To date, only five Chinese insurance assets management companies received the credit risks management qualifications, including Ping An Assets Management and China Life Assets Management.
Sunshine Insurance is the first non-insurance asset management company to receive such a qualification. It is also the first non-insurance asset management company that is allowed to invest in securities and unsecured bonds directly.
According to market analysts, with such qualification, Sunshine Insurance could enhance its assets management, increase its direct investment channels, reduce its investment management process and costs, and help diversify its assets allocation.
Meanwhile, the CIRC also approved Sunshine Insurance to increase its registered capital to 4.56 billion yuan (US$674.6 million) from 3.7 billion yuan.
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