BOC Group Life Assurance will remain held to 51% by the company
BOC Hong Kong Holdings has declared two capital injections into BOC Group Life Assurance Company, a non wholly-owned subsidiary of the company – reported Trading Markets.
BOC Group Life Assurance will remain held to 51% by the company, and 49% by Bank of China Group Insurance Company (BOC Insurance).
On July 3, 2009, HKD765 million was agreed to be injected by the subscription of 76.5 million shares of BOC Life, at HKD10 per share. The second capital injection is expected to be made in July 2009.
The funding from the capital injections would allow BOC Life to meet the relevant legal and regulatory requirements in relation to capital adequacy, owing to short-term market volatility.
Bank of China (BOC) is the indirect holder of approximately 66.06% of the equity capital in the company. BOC Insurance is a wholly-owned subsidiary of BOC.