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Pacific Insurance Prepares for Listing
After separating property insurance businesses from life insurance businesses, Pacific Insurance Company is planing to getting listed as a whole in the form of an enterprise group.
The plan has been passed by the 2000 shareholders' general meeting of Pacific Insurance held recently.
At the beginning of 2000, Pacific Insurance once publicly announced that it would implement separate operation of businesses and put forward a plan of "The part dealing in property insurance will seek listing, and the part dealing in life insurance will set up a joint venture".
In 2000, through the separation of property insurance from life insurance, Pacific Insurance set up China Pacific Insurance (Group) Co., Ltd and initiated two subsidiaries dealing in property insurance and life insurance separately. It established the new mode of management of groupinized management and professional and market-oriented operation, thus planning for getting listed as a whole group. Currently, the listing plan is getting along smoothly.
Related sources believe that the listing of Pacific Insurance as a whole group will be conducive to raising capital and strengthening anti-risk abilities. It will also further promote the standard management of the company and ensure the healthy operation of the company within the framework of modern enterprise system. All these will sharpen the edge of the company to cope with the challenges brought by China's impending entry into the WTO.
It is also reported that Pacific Insurance will invite overseas excellent life insurance companies to buy its stake and participate in its business operation, and the related work is proceeding smoothly.
Source: Panorama
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