Sat, Feb 26, 2011 - Page 12 News List

Fubon Life expands property prospects, China Life to raise NT$7.5bn in capital

BOARD APPROVALS:Fubon Life plans to scout for property investments in New Taipei City, while China Life will issue new shares to boost its capital structure

By Crystal Hsu  /  Staff Reporter

The board of Fubon Life Insurance Co (富邦人壽) yesterday approved a proposal to increase real estate investment in the Greater Taipei area, according to a company filing to the Taiwan Stock Exchange.

The life insurer, a subsidiary of Fubon Financial Holding Co (富邦金控), the nation’s second-largest financial institution by assets, did not elaborate on the size and timeframe of the potential real estate investment.

The board’s decision came after the company recently lost several auctions for commercial properties in Taipei City to land developers and shows its willingness to consider properties in New Taipei City (新北市).

Separately, smaller rival China Life Insurance Co (中國人壽) said its board yesterday approved a proposal to raise NT$7.5 billion (US$252 million) by selling new shares to strengthen its capital structure.

The Taipei-based insurer said in a stock exchange filing that it planned to sell 300 million new shares priced at NT$25 each. The company also posted a record net income of NT$3.36 billion, or earnings per share of NT$1.97, last year, up 24 percent from the previous year, a separate filing showed.

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