China's Union Life Insurance approved to sell 5 pct stake to Japan's Taiyo Life |
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Tue, 27 Nov 2007 02:24
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BEIJING (XFN-ASIA) - The China Insurance Regulatory Commission (CIRC) said it has given its approval for Union Life Insurance Co Ltd to sell a 5.09 pct stake to Japan's Taiyo Life Insurance Co.Taiyo Life's stake has a three-year sale restriction; any sale within that period must be approved by the regulator, the CIRC said in a statement on its website.The China Business News reported earlier that the selling price for the 5.09 pct stake was 8 yuan per share.Earlier this year, Eurizon Financial Group, a fund management and insurance unit of Intesa Sanpaolo SpA, paid 6.5 yuan per share, or a combined 860 mln yuan, for a 19.9 pct stake in Union Life, becoming the insurer's second largest shareholder.China caps foreign stakes in domestic insurance companies at 25 pct.(1 usd = 7.40 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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China's Union Life to offer three investment-linked insurance products 