China Pacific Insurance (CPIC), the country's third largest life insurer, will increase investment in alternative assets, including utility, energy and infrastructure projects, to better serve the national economy, senior executives of the insurer said yesterday.
The insurer has invested about CNY130 billion (US$20 billion) in about 80 projects, ranging from urban utilities, infrastructure and energy, to environmental protection and public housing, according to Ma Xin, CPIC's board secretary and spokesman.
Wang Cheng, general manager for fixed-income investment at Pacific Asset Management Co, the investment arm of the insurer, said the company is boosting investment in alternative assets while adjusting its portfolio and expanding its scope to equity-related assets, according to a report by China Daily.
The value of CPIC's investment assets reached CNY1.03 trillion at 30 June this year. Fixed-income assets are worth about CNY829 billion, accounting for 80.5% of its total assets, according to CPIC.