China's Ping An Annuity, Sino Life to offer investment-linked insurance products |
|
|
|
Published
:
Fri, 12 Oct 2007 03:09
|
BEIJING (XFN-ASIA) - The China Insurance Regulatory Commission (CIRC) said it has given approval to Ping An Annuity Co, a unit of Ping An Insurance (Group) Co of China Ltd (SHA 601318; HK 2318), to launch three stock-linked insurance products.Earlier, Ping An Life Insurance Co, an affiliate of Ping An Annuity, also won regulatory approval to launch two products linked to fund investment.Separately, the CIRC said it gave approval to Sino Life Insurance Co Ltd, in which Tokio Marine & Nichido Fire Insurance Co and Millea Asia Pte Ltd hold a combined 24.99 pct stake, to launch three investment-linked insurance products.Insurance companies, especially foreign insurers, have been seeking to launch investment-style products in China at a time when the country's stock market is booming.In the past three months, the CIRC has given similar approvals to more than 10 insurers, including joint ventures with Aviva PLC, ING Group, CIGNA Corp and Italy's Assicurazioni Generali SpA, as well as AIA, a unit of American International Group Inc (AIG).Yesterday, the benchmark Shanghai Composite Index closed up 141.77 points or 2.46 pct at a record 5,913.23, compared with 2,728.19 at the beginning of this year.allen.shu@xfn.com-xfnals/xfntmCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
|
|
|
|
Print this Story
RPT New York Life IDR affirmed at 'AA+', IFS at 'AAA' - Fitch 