China opens offshore investment to local insurers
Updated: 2012-10-23 15:31
(Agencies)
|
|||||||||||
Insurance funds can invest in more areas, product types abroad
SHANGHAI - China's Insurance Regulatory Commission widened overseas investment options for its massive domestic insurance sector, naming 45 countries and regions where the insurers will now be able to allocate assets and expanding the list of allowed asset classes.
In a statement issued late on Monday, CIRC said it lifted the restriction limiting Chinese domestic insurers to invest only in Hong Kong to the 45 countries and regions, which it said were 25 developed economies and 20 developing economies.
However, the quota of year-end total assets domestic insurance funds can invest abroad has not been increased, remaining at 15 percent of total insurance assets of 6.6 trillion yuan or $150 billion.
Approved asset classes have been expanded from equities and bonds to real estate, currency products fixed-income products besides bonds.
The CIRC announcement also widened the scope of investments Chinese insurers can make onshore, increasing the share of total funds they may invest in wealth management products, trust products, real estate and infrastructure projects.
The move is the latest in a series of policy liberalizations directed at China's insurers in 2012, which have struggled with low returns and asset depreciation.
China Life, the world's largest insurer by market value, issued a profit warning on Oct 18 signalling its first quarterly loss since 2008, sending its Hong Kong-listed shares down as much as 4 percent.
Related Stories
China's credit insurance subsidy program eases trading risks 2012-10-06 14:30
Three of four major insurers report income growth 2012-08-20 16:55
Govt weighs social insurance reforms 2012-07-27 08:04
Storm leads to record for insurance claims 2012-07-24 11:06
Insurance for foreigners to be simplified 2012-06-05 02:16
Today's Top News
President Xi confident in recovery from quake
H7N9 update: 104 cases, 21 deaths
Telecom workers restore links
Coal mine blast kills 18 in Jilin
Intl scholarship puts China on the map
More bird flu patients discharged
Gold loses sheen, but still a safe bet
US 'turns blind eye to human rights'
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
All-out efforts to save lives |
Liaoning: China's oceangoing giant |
Poultry industry under pressure |
'Spring' in the air for NGOs? |
Boy set to drive Chinese golf |
Latest technology gets people talking |