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China Re gets US$4b injection for listing
(Xinhua)
Updated: 2007-01-22 11:18
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China's largest re-insurer, China Re, has received a capital injection of 4 billion U.S. dollars, heading for a listing this year, said the country's insurance watchdog Sunday.
The infusion came from the Central Huijin Investment Co., an investment company owned by the People'sBank of Chinaas shareholder for the "big four" state-owned banks, said Wu Dingfu, president of theChina Insurance Regulatory Commission(CIRC), at a national work conference here Sunday.
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With a registered capital of 3.9 billion yuan before the injection, the utmost value of insurance that China Re could provide was 16 billion yuan.
Meanwhile, China is to see a reinsurance market of about 100 billion yuan (12.5 billion U.S. dollars) in 2010, according to the CIRC.
China Re is the country's only solely state-owned reinsurance company and takes an 80 percent share of domestic reinsurance market.
Before choosing a suitable time for listing, the company will standardize its corporate governance, transform into a shareholding company and introduce strategic investors from home and abroad while maintaining the absolute shareholding by the state.
China Re is the country's first insurance company that got capital injection from Huijin, which has invested a total of 60 billion U.S. dollars in the Bank of China,China Construction Bankand Industrial and Commercial Bank before they went public.
Once listed, China Re will be the first state-owned insurer to become a shareholding company.
The CIRC encourages high-grade capital, especially large state-owned enterprises with good credit and performance, to invest in the insurance sector and will explore investment andacquisitionby banks, said Wu.
He said the CIRC will support qualified insurers to develop into shareholding group companies with international competitiveness through restructuring and acquisition.
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