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Article: CHINA LIFE INSURANCE TO EXPAND INTO NON-LIFE SECTOR.
- Article from:
- AsiaPulse News
- Article date:
- March 16, 2006
CopyrightCOPYRIGHT 2006 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BEIJING, March 16 Asia Pulse - China Life Insurance Co (SEHK:02528), the country's biggest life insurer, plans to expand into the more rapidly growing non-life insurance sector by forming a joint venture with its parent firm China Life Insurance (Group) Co.
The registered capital of the joint venture will be one billion yuan (US$123 million), with Hong Kong-listed China Life contributing 400 million yuan (US$49.4 million) for a 40 per cent stake and China Life Insurance (Group) taking the remainder.
In a statement to the Hong Kong Stock Exchange on Tuesday, China Life said it had not yet decided whether to set up a property and casualty company from ...