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China Re Oked to Raise Capital to CNY7.5bn

 

Thursday, Jan 20,2011, 1:01:55 PM   Click:

With a greenlight by the China Insurance Regulatory Commission, China Reinsurance (Group) Corporation will increase its registered capital to over CNY 7.53 billion.

China Reinsurance had over CNY 6.33 billion in registered capital in terms of its 2009 results.

China Reinsurance (Group) Corporation will own 7,532,237,600 shares, or a 99.9998 percent stake, in China Property & Casualty Reinsurance Company Ltd. after the capital expansion.

China Reinsurance (Group) Corporation raked in CNY 29.202 billion consolidated premium revenue, CNY 102.57 billion consolidated assets and CNY 1.183 billion consolidated pre-tax profit by the end of September 2010.

The Chinese reinsurance group unveiled that the profit it made in the third quarter was much higher than that in the second quarter and its seven operating units all recorded book profit growth. The group saw consolidated assets and consolidated owners' equity went up by 8.61 percent and 5.18 percent over early last year thanks to operating income and operating profit increase, according to sources from the company.

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