CHINA RE OUTLINES OVERSEAS EXPANSION AFTER OPENING LONDON OFFICE

State-owned China Reinsurance has signaled its intent to expand overseas after opening an office in London. Chairman Liu Jingsheng said that the new branch would “provide us the solid foundation to further explore and exploit the potentials for our future growth in the London market and the continental European market” adding that China Re is “looking forward to expand our position beyond China”. China Re embarked on a restructuring in October 2007 giving the reinsurer a registered capital base of 36.15 billion yuan, held by Central Huijin (85.5%), a wholly-owned subsidiary of sovereign fund China Investment Corp, and the Ministry of Finance (14.5%). China Re is planning to add to its overseas offices by opening one in Hong Kong later this year. China Re is also considering a listing in an overseas market at some time although no details of a specific exchange, a timetable or intended investors has been given.