Lippo Protective Life Insurance is to change its name to CRC Protective Life Insurance from December 1 to reflect the increasing involvement of its key shareholder China Resources (Holdings) Co (CRC). Shareholders also resolved to increase its authorised capital to $700 million from $400 million to accommodate growth in the next couple of years. The insurer is 50 per cent owned by the US-based Protective Life Corp, with the remaining 50 per cent jointly owned by CRC and the Lippo Group through HKCB Bank Holdings. Chairman and chief executive of the US parent, Drayton Nabers, would not say if the name change indicated a gradual phasing out of Lippo's influence, but said Protective would be working more closely with CRC. He said CRC Protective would expand 'aggressively' in the life insurance market, aiming to double its sales force in six months. It had also made preparations for the implementation of Hong Kong's Mandatory Provident Fund scheme, hoping to capture a 10 per cent market share, he said.
