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| Insurers Play Bigger Role in Stock Market |
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Insurers have become major investors in The figures show that at the end of August, Chinese insurance companies held investment assets worth 1.05 trillion yuan (US$133 billion), including 49.9 billion yuan of shares. Banking stocks are a favorite of insurers. China Life Insurance (Group) Company and its Hong Kong-listed branch, China Life Insurance Company Limited, were among the biggest buyers of shares in the Industrial and Commercial Bank of China (ICBC) when it made its initial public offering in September. The two companies together bought HK$6.4 billion of stock in ICBC, which is expected to list on the Insurance companies make up five of the 14 strategic investors chosen by the Bank of China for its A shares that listed in Sun Jianyong, an official with the CIRC, said insurers' investments in capital markets will continue to grow rapidly in line with premium revenues. "The problem is that insurers now have plenty of funds but cannot find proper investment products for them," Sun said. He said the CIRC is trying to open up new investment channels for insurance companies, and is encouraging them to look for opportunities in international capital markets. (Xinhua News Agency October 8, 2006)
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