3 Foreign Insurers Expand Registered Capital in Tianjin
SLFPF | Quote | Chart | News | PowerRating -- Three foreign insurers in the eastern Chinese port city of Tianjin expanded registered capital by a total of CNY 559.4 million in the second half of this year, according to statistics by the State Administration of Foreign Exchange.
They are Heng An Standard Life Insurance Co., Ltd., Sun Life Everbright Life Insurance Co., Ltd. and Aioi Insurance Company (China) Ltd. Heng An Standard Life was established in December 2003 and in October 2009, it expanded registered capital to CNY 1.502 billion from previously CNY 1.302 billion. Sun Life Everbright Life was set up in April 2002 and in July 2009, it enlarged registered capital to CNY 3 billion from previously CNY 1.2 billion. Aioi Insurance Company (China) is a wholly-owned subsidiary of Japan-based Aioi Insurance. It was established in May 2007 and in July 2009, it expanded registered capital to CNY 260 million.
The main reason for them to enlarge registered capital is to raise solvency in a bid to show a greater presence in the Chinese market.
Source: www.hexun.com (November 20, 2009)
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