Sunday, February 15, 2009

Generali China increases registered capital

Generali China Life Insurance Company Ltd has won the approval from the insurance regulator to increase its registered capital from 1.9 billion yuan ($278 million) to 2.7 billion yuan, the company said in a statement.

The capital injection will make Generali China??a joint venture between Italy financial group Generali and China National Petroleum Corporation??the highest capitalized company among foreign-funded life insurers.

Due to the rapid expansion last year, a number of foreign insurers have strengthened their capital base recently.

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