Insurance sector diversifies investment in 2003

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Last updated at: (Beijing Time) Tuesday, February 10, 2004

Insurance sector diversifies investment in 2003

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China's booming insurance sector diversified its investment last year, investing 873.9 billion yuan (US$106.5 billion) in financial products, up 51.4 percent year on year, according to the industry watchdog.

The whole sector deposited 455 billion yuan (US$55.4 billion) in banks for interest in 2003, or 52 percent of the total capital the sector used for investment, according to the figures released by the China Insurance Regulatory Commission.

Public debt is the second biggest financial product the insurance sector chose for investment last year, as it purchased 140 billion yuan (US$17 billion) worth of national debt, or 16 percent of the capital the sector used for investment.

A total of 83 billion yuan (US$10 billion) was used by the sector to buy bonds issued by other bonds, while 46 billion yuan (US$5.6 billion) was invested in securities funds.

The government eased restrictions in 2003 on the insurance sector's investment, expanding the scope of investment in corporate bonds, and doubling the 10 percent ratio of investment to its total financial assets.

The country's leading insurance companies, including China Life Insurance (Group) Company, have set up insurance asset management companies for professional management of their investments.

Source:Xinhua

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