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New China Life plans to raise RMB 15 bln this year

Feb. 2, 2012 (China Knowledge) - New China Life Insurance Co<601336><1336>, a major life insurer in China, said yesterday that it plans to raise up to RMB 15 billion this year to boost its solvency adequacy ratio.

The company said in a statement that it plans to issue up to RMB 10 billion in subordinate bonds with a maturity of more than five years.

In addition, the insurer will issue RMB 5 billion of debt financing instruments with a maturity of at least ten years.

The company raised about RMB 12 billion through a dual listing last year, much less than the market expectation of RMB 20 billion. Analysts said that the firm's solvency adequacy ratio slightly exceeded 150% after the listing.

New China Life said earlier that its unaudited insurance premium income amounted to RMB 94.80 billion last year, reflecting an only 1.2% increase from the previous year.

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