Sino-foreign Life Insurance Company Operational

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Last updated at: (Beijing Time) Wednesday, December 18, 2002

Sino-foreign Life Insurance Company Operational

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ING Capital Life Insurance Company Ltd, a joint venture life insurance company between ING Insurance International and the Capital Group of Beijing, has received approval from the China Insurance Regulatory Commission (CIRC) to begin operation in Dalian, north China.

ING Insurance and Capital Group each own 50 percent of the joint venture company, the first life insurance company with its headquarters in Dalian. ING Capital Life has an initial capital base of 200 million yuan (25 million US dollars).

ING Capital Life will focus initially on traditional and individual life products, which offer basic coverage such as protection, endowment, medical compensation and disability compensation. More sophisticated products, such as Participating Insurance and Investment Linked Insurance, will be launched at a later stage.

With 23.2 billion yuan (2.9 billion US dollars) in total assets,Capital Group is a large state-owned corporation involved in financial services, infrastructure and real estate.

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