China Re to inject over 300 mln usd into property insurance unit - report |
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Fri, 13 Jul 2007 04:52
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BEIJING (XFN-ASIA) - China Reinsurance (Group) Co promised to inject at least 300 mln usd into its exclusive insurance unit, China Continent Property & Casualty Insurance Co, the official Securities Times reported.No other details were provided, and it was not clear where China Re would source the fund for its capital injection into the unit and what specific purpose the capital injection would serve.However, early this year, the Central Huijin, the central bank's investment arm, approved the injection of 4 bln usd of capital into China Re as the group sought a dual listing in Hong Kong and Shanghai.The injected capital is expected to be split among China Re's six units.China Continent P&C Insurance currently has registered capital of 1.72 bln yuan. It posted first-half premium income of 5.3 bln yuan, up 73.4 pct year-on-year.China Continent is also partly owned by overseas investors from Hong Kong, such as Sun Hung Kai Properties Ltd (HK.0016), and other shareholders from Thailand and Indonesia.(1 usd= 7.57 yuan)allen.shu@xfn.comals/net-xfnals/xfnntCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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