China Trade Information

China Reinsurance (Group) Co (China Re) announced its preliminary estimates of 2007 operating revenue was about RMB 44.466 billion, up 47.8% year-on-year.

On its annual working conference, the company said 2007 is a crucial year for the company as it successfully completed corporate restructuring and achieved spectacular performance. Last year, the total assets of the company amounted to RMB 89.13 billion, up 190% from the year beginning.

Through restructuring, China Re’s registered capital jumped from RMB 3.9 billion to RMB 36.15 billion with Central Huijin, a wholly-owned subsidiary of sovereign fund China Investment Corp, and China’s Ministry of Finance holding 85.5% and 14.5% stakes respectively. The capital injection has paved the way for its IPO scheduled this year.

By the end of 2007, China Re maintained shares of more than 80% in China’s reinsurance market, according to official statistics.

The insurer is expected to launch its IPO in both domestic and overseas stock market after introducing a strategic investor, sources said.

Tags: insurer, IPO

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