CHINA LIFE INSURANCE INVESTS CNY9 BILLION IN EQUITY FUNDS
[ Source: Dow Jones Newswires, 12 July 2012 ]
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.