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New China Life issues RMB 10 bln in subordinate bonds

Aug. 1, 2012 (China Knowledge) - New China Life Insurance Co<601336><1336>, a major life insurer in China, announced yesterday that it recently issued RMB 10 billion of subordinate bonds to boost its solvency adequacy ratio.

The company said in a statement filed with the Hong Kong Stock Exchange that the bonds have a maturity of ten years. The coupon rate was 4.6% in the first five years and increased to 6.6% in the last five years.

At the end of last year, the company's solvency adequacy ratio was 155.95% at the end of 2011.

In the first half of this year, New China Life Insurance saw its insurance premium income hit RMB 55.95 billion, China Knowledge reported earlier.

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