Cathay Life Property Insurance JV Starts Operation

SHANGHAI, Sep 04, 2008 (SinoCast via COMTEX) -- CYLFF | Quote | Chart | News | PowerRating -- Taiwan-invested property insurer Cathay Insurance Co., Ltd. gained approval from the China Insurance Regulatory Commission (CIRC), the top Chinese insurance regulator, to start operation in China mainland with a registered capital of CNY 400 million.

Headquartered in Shanghai, the newborn is a 50-50 joint venture between Cathay Life Insurance Co., Ltd. and Cathay Century Insurance Co., Ltd. Statistics show that it was not the first time for Cathay Life, the biggest insurance company in Taiwan in terms of assets, to set up an insurance venture in the mainland.

As early as January 2005, it set up a 50-50 life insurance venture called Cathay Life Insurance Co., Ltd. (Shanghai), with China Eastern Air Holding Co., parent company of leading Chinese carrier China Eastern Airlines Corp. Ltd. (SHSE: 600115, SEHK: 0670, and NYSE: CEA). The venture, with a total registered capital of CNY 800 million, was also headquartered in the eastern Chinese metropolis Shanghai.

From www.cnstock.com, Page 1, Wednesday, September 03, 2008 info@SinoCast.Com

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