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China Life’s bank equity hits 10 billion yuan |
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Written by Administrator
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Thursday, 06 July 2006 |
BEIJING, July 6 (InfoChina) –China Life Insurance Co., Ltd. (NYSE: LFC, HK: 2628) reveals that its bank equities, located in both the mainland and Hong Kong, has hit 10 billion yuan in value.
To manage the company’s equities in Hong Kong, the China Life Asset Management Co. (CCAMC), a China Life-controlled subsidiary, will set up a branch in the special administrative region. After gaining an approval from the mainland’s Insurance Regulatory Commission, the company is applying to the Hong Kong Stock Exchange for an asset management license.
CCAMC chairman Miu Jianmin said China Life’s active involvement in bank equities will speed up the reform of the banking sector and on the other hand will increase the company’s investment yield.
Miu says insurance capital should step up investing in strategic assets. He went on to say that strategic assets usually feature scarcity, worth of being held for a long time and considerable sizes, such as land, mineral resources and energy.
Asset prices will keep on rising as the country’s economy keeps on growing fast and the country is still a long distance away from industrialization and urbanization. China Life will seize the opportunity to make more strategic investments, Miu says. |
China Stock News