New China Life gets OK for RMB 10 billion 10-year capital bonds

Chicago, Feb. 3 – New China Life Insurance Co. Ltd. said it recently received approval from the China Insurance Regulatory Commission to issue up to RMB 10 billion of 10-year redeemable capital supplementary bonds, according to a notice.

The issuance of the bonds needs to be completed within six months from the date of approval.

The company intends to use proceeds from the issuance to replenish the capital of the company in order to improve its solvency.

The life and health insurance company is based in Beijing.

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