May. 8, 2012 (China Knowledge) - Tianjin-based
Bohai Property Insurance Co Ltd said that it has received approval from the China Insurance Regulatory Commission
to introduce Insurance Australia Group (IAG), as its strategic investor, thus increasing its registered capital to RMB 1.38 billion.
Upon completion of the deal, IAG, the largest non-life insurer in Austria, will hold a 20% stake in Bohai Property and become the largest single shareholder of the Chinese company with two positions on the latter's board of directors.
In August 2011, Bohai Property agreed to issue about US$104 million of new shares to IAG.
Bohai Property, set up in 2005, realized RMB 1.32 billion in operating revenue in 2011, up from RMB 1.10 billion in 2010. The company's insurance premium income increased to RMB 1.28 billion last year from RMB 948.50 million in the previous year.