METLIFE UPS CAPITAL AT ITS CHINESE JOINT VENTURE

The Chinese joint venture insurer part owned by the US’s MetLife has boosted its capital 60% to Yuan800m. Beijing-based MetLife Insurance Company is 50-50 owned by MetLife and Capital Airports Holding Co, the parent of Hong Kong-listed Beijing Capital International Airport. The move was confirmed by the China Insurance Regulatory Commission (Circ) which also said that after the capital increase, the partners will continue to hold 50 pct each of the venture, the CIRC said. Earlier, the official Shanghai Securities News reported that Capital Airports Holding Co is due to sell its 50% stake in Sino-US MetLife to Shanghai Alliance Investment Ltd for Yuan400m. Shanghai Alliance already has a 50-50 joint venture in Shanghai with MetLife, United MetLife Insurance and is expected to merge the two operations.