China P&C Reinsurance to focus on international business in 2008 - report |
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Published
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Mon, 22 Oct 2007 03:52
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BEIJING (XFN-ASIA) - China Property & Casualty Reinsurance Co, a unit of China Reinsurance Group (China Re), will focus on expanding its international business next year following a capital increase, the 21st Century Business Herald reported, citing sources.The reinsurer is seeking a capital increase from parent China Re to improve its solvency with premium income surging, the report said.It said China P&C Reinsurance earned premium income of 9.795 bln yuan in 2006, which is expected to rise to 12 bln yuan or more than 20 pct this year.The company has registered capital of only 1.45 bln yuan.China P&C Reinsurance gained 295 mln yuan from international operations in 2006, accounting for 3 pct of total revenue, the report said.In late July, China's insurance regulator allowed Chinese insurers to invest up to 15 pct of their assets in overseas markets. China P&C Reinsurance's assets totaled 15 bln yuan at the end of June.Earlier this year, Central Huijin, the central bank's investment arm, approved the injection of 4 bln usd worth 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, with China P&C Reinsurance to receive 1.5-2 bln usd.China Re has just completed a restructuring, one of the key milestones ahead of its initial public offering (IPO).The restructured China Re will have registered capital of 36.15 bln yuan, with Central Huijin and the Ministry of Finance holding 85.5 pct and 14.5 pct stakes, respectively.(1 usd= 7.51 yuan)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.
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