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Insurers launch asset management firms
(Shenzhen Daily/Agencies)
Updated: 2004-11-04 15:51

China Reinsurance Group and Huatai Property Insurance Co have been approved to set up an asset management company respectively, according to an official of the China Insurance Regulatory Commission (CIRC), the watchdog for the insurance industry.

The official also disclosed that quite a few insurance companies including New China Life have applied for establishing similar asset management companies.

Officials of China Reinsurance and Huatai said the new China Reinsurance Asset Management Co and Huatai Insurance Asset Management Co will be inaugurated as quickly as before the end of this year.

Earlier last year, China Life Insurance Group and PICC Holdings respectively set up their insurance asset management companies. The China Life Asset Management Co was headquartered in Beijing with a registered capital of 800 million yuan (US$96.7 million) while the PICC Asset Management Company was headquartered in Shanghai with a registered capital of 100 million yuan.

According to a new regulation promulgated by the CIRC, insurers in the country have recently been permitted to invest directly in the stock market.

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