China Reinsurance (Group) Company (China Re Group) has announced another restructuring plan for this year plus introducing into internationally influential strategic investors through market-oriented financing channels.

The company aims to make a shift from a wholly state-owned group to stock holding company and get listed when the right time comes, said Liu Jingsheng, general manager of China Re Group.

Reinsurance, as an arrangement in the insurance sector to diversify risks, plays as an important guarantee for the fast growth of the industry.

China has had 93 insurance companies till last year. The rapid expansion of direct insurance has imposed more pressure on insurance companies to diversify risks and enhance solvency, hence a growing demand for reinsurance, which offers the group much room for development.

China Re Group realized a total premium income of 21.5 billion yuan in 2005, up 7.58 percent from one year earlier; the amount of indemnity stood at 12.655 billion yuan, a year-on-year increase of 8.46 percent.

With an asset management company established and the newspaper China Insurance News turned into a wholly stock holding company, China Re Group fully shaped its six-under-one organization last year.

By People's Daily Online