China Life Property & Casualty Insurance Company Ltd will bring in international strategic investors this year after boosting its registered capital from 1 billion to 4 billion yuan, the company's president said yesterday.
"We've contacted a number of the world's leading insurance and reinsurance companies and are working on the framework of stake cooperation," said Liu Jian, president of the company, adding that brining in international strategic partners is one of the major business focuses this year.
The non-life insurance arm of the country's largest life insurer China Life was established at the end of 2006 and saw its premium income exceed 2.5 billion yuan in the first half of this year. Currently, it has 15 branch companies.
"We care most about what our partner could bring in terms of product design, risk management and IT support," Liu told China Daily. "And it is probable that we would join hands with an insurance company and a reinsurer."
By taking advantage of China Life's wide outlets across the country, the non-life insurance arm is striving to achieve 4 billion yuan premium income this year, 9 billion for 2009 and 18 billion for 2010, said Liu.
To fuel this rapid expansion, the company's two shareholders - China Life Insurance (Group) Company and China Life Insurance Company Ltd - announced a plan on May 23 to boost the company's registered capital from 1 billion yuan to 4 billion yuan.
"All the money has been put in place now, but we are still waiting for the final approval from the industry regulator," said Liu.