New China Life gets OK for RMB 4 billion 10-year subordinated debt

By Angela McDaniels

Tacoma, Wash., Sept. 29 – New China Life Insurance Co. Ltd. has received regulatory approval to issue up to RMB 4 billion of 10-year subordinated term debt, according to a company news release.

The China Insurance Regulatory Commission granted the approval, which is valid for six months.

In May, the company’s shareholders granted approval for it to issue up to RMB 5 billion of subordinated term debt with a term of more than five years.

The life insurance company is based in Beijing.

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