China Information

Monday, January 08, 2007

AVIVA-COFCO Life to Add Capital of RMB400m

The reporter was informed lately that the application for adding registered capital by AVIVA-COFCO Life Insurance Co., Ltd. had gotten approval from China Insurance Regulatory Commission. British Aviva PLC and COFCO will jointly inject capital of RMB400m. So far the total registered capital of the company has reached RMB900m.
Zhang Wenwei, president of AVIVA-COFCO Life addressed that both Chinese and foreign shareholders have been holding a high expectation on the development of AVIVA-COFCO Life. The success in increasing capital this time will considerably enhance the capital strength, solvency and capability for underwriting insurance of AVIVA-COFCO Life. It was known that the business growth of AVIVA-COFCO had fulfilled a noticeable achievement in the industry with the premium of new insurance policies exceeds 1 billion at the amount of 1,043 million, and up by 21% than that of 2005.


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