Life Insurance

CITIC Prudential Life Insurance Co., Ltd. will inject the money raising from reinvestment and stock enlargement into new channel construction, the chief executive officer for the life insurer recently said in an interview.
The Guangzhou-headquartered company, which increased its registered capital for two times last year, currently owns a registered capital of CNY 1.98 billion, jumping 36.6% from the previous CNY 1.45 billion. However, it only gained a 2.7% growth in premium revenues by the end of July 2009.
Established on October 13, 2000, CITIC Prudential Life Insurance is a 50-50 joint venture between CITIC Group and UK-based Prudential plc.
Days ago, CITIC-Prudential Life Insurance denied the saying that its overseas parent company brews a plan to cut holdings in the Guangzhou-headquartered life insurance joint venture.
In Fact, CITIC-Prudential Life Insurance was just OKed to gain a reinvestment of CNY 135 million from CITIC Group and Prudential, explained the joint venture.