CHINA LIFE IN­SURANCE IN­VESTS CNY9 BIL­LION IN EQ­UITY FUNDS

[ Source: Dow Jones Newswires, 12 July 2012 ]

Insurance - - INDUSTRY UPDATES -

The Shang­hai Se­cu­ri­ties News (with­out cit­ing sources) re­ported that China Life In­surance Co. Ltd (China) has in­vested 9 bil­lion yuan ($1.41 bil­lion) in eq­uity funds. The report went on to say that the in­surer bought eq­uity funds from Har­vest Fund Man­age­ment, CCB Prin­ci­pal As­set Man­age­ment Co. and Penghua Fund Man­age­ment, among oth­ers, to­talling more than CNY1 bil­lion. Ad­di­tion­ally, prior to this, the com­pany has boosted its stock hold­ings when the Shang­hai Com­pos­ite In­dex was around the 2200 and 2300 lev­els. The report said Chi­nese in­surance firms have also in­creased their pro­por­tion of in­vest­ments in funds in June, from about 5%-6% of their to­tal as­sets, to 7%-8%. In the first five months of the year, in­surance firms in­vested CNY4 tril­lion in the stock mar­ket. The pa­per cit­ing an un­named source close to China Life In­surance re­marked that the stock mar­ket is near­ing a bot­tom, as growth-sta­bil­is­ing poli­cies are im­ple­mented.

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