GCL Increases its Registered Capital to RMB 3,7 bn
OREANDA-NEWS. April 01, 2014. Recently the China Insurance Regulatory Commission officially approved GCL increasing its registered capital from 3.3 billion to RMB 3.7 billion. This increase will provide more stability to GCL for quicker and healthier development.
Since established in 2002, GCL has maintained a leadership position of all foreign-invested life insurance companies and joint-venture life insurance companies. Statistics released by the China Insurance Regulatory Commission in January 2014 showed that GCL ranked the first place in insurance premiums among foreign-invested life insurance companies and joint-venture life insurance companies. GCL has recorded stable profits since 2010. A factor of this stability is GCL’s two shareholders maintaining their proportion of registered capital after capital increases. This reflects both shareholders’ commitment towards the long-term development of the joint-venture.
Founded in 2002 as a joint venture between Assicurazioni Generali S.p.A (Generali) and China National Petroleum Corporation (CNPC), Generali China Life Insurance Co.,Ltd (GCL) was the first Sino-foreign joint-ventured insurer approved by the Chinese Government for operation after China joined the World Trade Oganisation (WTO). Now GCL possesses more than RMB 40 billion in assets and has more than 70 offices spread across Beijing, Shanghai, Guangdong, Jiangsu, Shenzhen, Liaoning, Sichuan, Shaanxi, Shandong, Heilongjiang, with more in the pipelines.