Capital increase of China-Italy Life Insurance Company approved

Emerging Markets Economy, Jun 4, 2003

The capital increase report of the China-Italy Life Insurance Company has lately been approved by the China Insurance Regulatory Commission. Headquartered in Guangzhou, it has chosen Beijing as the city for the establishment of its first branch, and has filed an application to the Commission, which is under examination and approval.

China-Italy Life Insurance is the first post-WTO Sino- foreign joint-ventured insurer in China. According to the People's Daily, the registered capital of the Company has increased from RMB200 million to RMB500 million. Of that, the Chinese shareholder PetroChinFinance Ltd. under PetroChina increased RMB150 million, and the foreign shareholder Italy-based Assicurazioni Gnerali increased an equivalent of that sum in U.S. dollars.