AVIVA-COFCO Lifts Capital Base to CNY2.3bn

AVIVA-COFCO, a joint venture between COFCO and British Aviva Group, January 18 announced that it won a regulatory approval to increase registered capital for the sixth time since establishment.

The insurance company expanded capital base by CNY 250 million from CNY 2.096 billion to CNY 2.346 billion for the sixth time at the end of 2010. Both shareholders remain the stake they held unchanged after the capital increase.

AVIVA-COFCO raised registered capital for the first time in November 2006, and it beefed up capital base twice in 2010. The company added capital by CNY 1.846 billion for the four years.

The Sino-British insurance venture made profit for the first time in 2009 and turned into one of the top foreign-invested life insurance companies by premium income in China. It has set up branches in eleven provinces and cities around the country, such as Guangdong, Beijing, Fujian, Shandong, Hubei and Henan.

COFCO and Aviva Group will further grant finance support to the venture in 2011 so as to maintain its stable and rapid development.