China Re has announced that its subsidiary, China Life Reinsurance Company Ltd. (China Re Life), has been approved to publicly issue 10-year redeemable capital supplementary bonds with a size of up to RMB 5 billion (US $720 million).
The life reinsurer will be able to issue the bonds in the National Interbank Bond Market in the People’s Republic of China.
China Re said that the issuance of the capital supplementary bonds is conducive to further improving the solvency of China Re Life and supporting the development of its business.
The Board of Directors of China Re made the announcement following receipt of approvals from the relevant regulatory authorities.
Founded in 2003, China Life Re is the only domestic life and health reinsurance company in China approved by the State Council and the China Insurance Regulatory Commission (CIRC).
It provides life reinsurance services from its base in Beijing, as well as life insurance, health insurance, personal accident insurance, and annuity services.
