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NSSF injects RMB 1.15 bln in CCB Life

Aug. 8, 2012 (China Knowledge) - China's National Social Security Fund (NSSF), the country's national pension fund, has injected RMB 1.15 billion into CCB Life, the insurance unit of China Construction Bank Co<601939><0939>, said the National Council for Social Security Fund (SSF), the manager of NSSF, on Monday.

SSF said in an online statement that the capital injects enable NSSF to hold a 14.27% stake in CCB Life and become the third-largest shareholder of insurer.

CCB in 2011 acquired a 51% stake in CCB Life, formerly known as Pacific-Antna Life Insurance Co, and then renamed the company to the current name.

CCB Life recorded RMB 1.26 billion in insurance premium income last year, up from RMB 699.85 million in 2010.

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