19 Property Insurance Firms Lifted Capital by CNY11.9bn

Original premium revenue of property insurance firms in China arrived at CNY 799.86 billion in the first half of 2010, growing more than 30% over the same period of a year earlier.

Along with expanding scale, about 19 property insurance firms increased capital by more than CNY 11.9 billion in the first half of this year, almost doubling compared with the same period of a year earlier, pursuant to preliminary statistics. Sunshine Property and Casualty Insurance Company Limited and Sinatay Life Insurance Company Ltd. are among insurance firms that have lifted capital consecutively in a short period. In February, Sunshine Property gained CNY 300 million, lifting its registered capital to CNY 1.5 billion from CNY 1.2 billion. In June, the property insurance firm gained approval of additionally issuing CNY 287.5 million shares to its parent company Sunshine Insurance Group. In no more than half a year, the property insurance firm has gained nearly CNY 600 million.

However, the China Insurance Regulatory Commission also disclosed that nine property insurance firms still did not have enough solvencies in the period so that they were limited in the development of some businesses.