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New China Life approved to issue RMB 10 bln in bonds

Jul. 6, 2012 (China Knowledge) - New China Life Insurance Co<601336><1336>, a major life insurer in China, announced that it had received approval from the China Insurance Regulatory Commission to issue up to RMB 10 billion of subordinate bonds to boost its solvency adequacy ratio.

The bond offering will be completed within six months after regulatory approval.

The subordinate bonds will have a maturity of ten years.

Analysts said that the company's solvency adequacy ratio is expected to increase 40 percentage points to over 190% upon completion of the deal. At the end of 2011, the insurer's solvency adequacy ratio stood at 155.95%.

In December last year, New China Life raised a total of RMB 13 billion through a dual listing in Shanghai and Hong Kong.

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