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English>>China Business

CCB Life receives approval to increase capitalization

(Xinhua)

08:21, August 07, 2012

BEIJING, Aug. 6 (Xinhua) -- China Construction Bank, the country's second-largest lender, said Monday that its insurance arm CCB Life had received approval from regulators to increase capitalization.

The Shanghai-based CCB Life's registered capital will increase to 4.5 billion yuan (714.29 million U.S. dollars) from 1.18 billion yuan.

The insurance company has also introduced the National Council for Social Security Fund as one of its major investors.

The council will acquire a 14.27-percent stake in CCB Life to become the third-largest shareholder of the life insurer, while Taiwan's China Life Insurance Co., the second-largest shareholder, will hold a 19.9-percent stake after the capital increase.

In July 2011, China Construction Bank bought a 51-percent stake in Pacific Antai Life and changed the company's name to CCB Life.

CCB Life aims to develop itself as a mid-sized national insurance company, helping China Construction Bank to expand its life insurance business and provide comprehensive financial services.

CCB Life's premium incomes rose 6.1-fold year on year to reach 2.79 billion yuan in the first half.

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