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New China Life's premium income up 8.02% in Jan-Jul

Aug. 17, 2012 (China Knowledge) - New China Life Insurance Co<601336><1336>, a major life insurer in China, announced yesterday that its insurance premium income rose 8.02% YoY to RMB 62.66 billion in the first seven months of this year.
In July, the company's insurance premium income fell 8.65% YoY to RMB 6.7 billion.

The company last month issued RMB 10 billion of subordinate bonds to boost its solvency adequacy ratio. 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.

Analysts said that the firm's solvency adequacy ratio may have increased to more than 200% after the bond issue. At the end of last year, the company's solvency adequacy ratio was 155.95% at the end of 2011.
The company is due to release its interim report on Aug.30.

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