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Sinatay Life Insurance to expand capital base

By Hu Yuanyuan (chinadaily.com.cn)
Updated: 2010-08-20 16:56
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Hangzhou-headquartered Sinatay Life Insurance plans to double its registered capital to 1.2 billion yuan ($176.77 million)this month to fuel its rapid expansion, the company's spokesman said on Friday.

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The company's premium income hit 1.17 billion yuan in the first half-year, up 143 percent over the same period of last year.

In April, Japan's second-largest insurer Mitsui Sumitomo Insurance Company bought a 7 percent stake in the company, pushing its registered capital to 655 million yuan.