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The China Insurance Regulatory Commission (CIRC) announced that it has approved Sunshine Property and Casualty Company Limited (Sunshine P&C) to set up the Sunshine holding company, and also gave permission to establish the Sunshine life insurance company.

This means Sunshine P&C will begin to expand as a group company. According an official at Sunshine P&C, the shareholders of the new holding company will include Sinopec, China Southern, China Aluminum Corporation and Sinotrans.

Sunshine P&C already has 25 branches, nearly 4,000 employees and total premium income of 1.3 billion yuan (US$169.8 million) as of May 8.

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The full text is available in the May Issue of China Insurance.

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