Plan to Shift Sun Life Everbright Life into Chinese Remains

To inject CNY 299.4 million into Sun Life Everbright Life Insurance Co., Ltd. with Sun Life Financial Service is a part of China Everbright Group's plan to infuse capital into the Sino-Canadian insurer.

The plan to shift Sun Life Everbright Life into a Chinese one will remain. And provided that the group wants to achieve the goal, it should inject CNY 1.5006 billion into Sun Life Everbright Life. Sun Life Financial Service has the right to inject capital into the venture but the stake it controls in the latter will be at most 24.99 percent.

Sun Life Everbright Life on November 23 gained regulatory approval to expand registered capital to CNY 1.4994 billion from previously CNY 1.2 billion The added part will be injected by its Chinese shareholder Everbright Group and foreign shareholder Sun Life Financial Service 50 percent by 50 percent and after that, it will still be a 50-50 joint venture between the two companies. Premium revenue it gained in the first ten months of this year reached CNY 887 million, dropping 33.9 percent year on year and ranking number 10 among foreign-funded insurers in China.