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Insurer Raises Money Overseas
The New China Life Co., Ltd, one of the largest life insurance companies in China, is expected to seek ways to work to international standards this year.
New China was the first Chinese insurer to sell 24.9 percent of its shares to foreign firms in a bid to attract more capital funds and introduce advanced technologies.
By the end of December last year, all the new cash had entered New China's bank account and the first special shareholder conference started on Tuesday in Beijing, said Guan Guoliang, the company's board director.
"With the joining in of foreign shareholders, we'll operate in a quite different way, closer to international standards," Guan said.
The foreign shareholders, including Zurich Insurance Company, the International Finance Corporation, the Japan-based Meiji Life Insurance Company and the Holland Financial Development Company, will be involved in New China's operations and decision-making.
New China, founded in 1996, has become the fourth largest life insurer in China, with total assets of five billion yuan and 5.38 billion yuan in premium income.
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