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First domestic-funded life insurer comes to NE China

(chinadaily.com.cn)
Updated: 2009-06-10 19:33

Northeast China's first domestic-funded life insurance company opened Wednesday in Dalian, Liaoning Province.

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Bainian Life Insurance Co Ltd, which began preparation with a registered capital of 200 million yuan ($29.25 million) back in 2004, has seen this figure grow to 1.11 billion yuan today. Among its 15 shareholders, eight are large shareholders with equal capital stock of 100 million yuan.

The shareholders include State-owned enterprises such as China Orient Asset Management Corporation and China Guodian Corporation, as well as locally based heavyweights like Dashang Group and Dalian Port Co Ltd.

Dalian, where Bainian is headquartered, is a major city in northeast China which traditionally includes Heilongjiang, Jilin and Liaoning provinces, and serves as a shipping center and economic hub of the region. The establishment of Bainian received great support from the municipal government as it fills the role of a locally based insurance company necessary for a financial center.

He Yongsheng, president of Bainian Life insurance, said the company will concentrate on innovation and complete its national expansion scheme in five years time.

Before stepping into his current position, He was director of the China Insurance Regulatory Commission Dalian bureau. The 30 year veteran of the industry said his past experience with insurance regulations and ...

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