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Aviva insurance-COFCO Life Insurance to Expand Registered Capital to CNY1.866bn

 

Friday, Sep 25,2009, 9:45:33 AM   Click:

(Aviva insurance)Sino-UK life insurer Aviva-COFCO Life Insurance Co., Ltd. recently gained approval from the China Insurance Regulatory Commission (CIRC), the top Chinese insurance regulator, to expand registered capital to CNY 1.866 billion.

It is the second time for the insurer to win a nod from the CIRC to enlarge registered capital within a short period of time. Early this month, it obtained approval from the watchdog to expand registered capital to CNY 1.865 billion from previously CNY 1.635 billion.

Aviva-COFCO Life, a 50-50 joint venture between European life insurance firm Aviva and China National Cereals, Oils, Foodstuffs Import-Export Corp. (COFCO), started operation in Guangzhou, capital of south China's Guangdong Province, from January 1, 2003. So far, it has stretched out reach to over 40 Chinese cities. The premium revenue it gained in the fiscal year 2006, 2007 and 2008 stood at CNY 1.12 billion, CNY 3.54 billion and CNY 3.85 billion, respectively.

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