New China Life plans up to RMB 15 billion of term debt, hybrid bonds

By Marisa Wong

Madison, Wis., Feb. 2 - New China Life Insurance Co. Ltd. said it plans to issue up to RMB 10 billion of subordinated term debt in 2012.

The subordinated debt will have a term of more than five years.

New China Life also plans to issue up to RMB 5 billion of hybrid capital bonds with maturities of more than 10 years.

Proceeds from the subordinated term debt and the hybrid capital bonds will be used to replenish the company's supplementary capital and increase the solvency ratio.

The proposed issuances are subject to shareholder approval at the first general meeting to be held on March 20. If granted, the approval is effective until Dec. 31, 2012.

The life and health insurance company is based in Beijing.

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