Anxin Trust & Investment, a Shanghai-headquartered trust company, has confirmed its plans to set up an insurance entity at its latest board meeting.
The business said that it will partner with Russian insurer Rosgosstrakh, as well as Shanghai Yihe Investment Management Co., Ltd., Beijing Xinnuo Investment Co., Ltd., Zhonghong Zhuoye Group Co., Ltd., DaTong Insurance Sales and Service Co., Ltd, to create a new life entity.
The business, set to be called Guohe Life Insurance will have a registered capital of CNY 2 billion, as Anxin revealed its stake in the business
“Anxin plans to invest CNY 400 million to purchase 400 million shares, amounting to 20% of the total capital of Guohe Life Insurance,” a statement said.
“The matter has yet to receive approval from relevant supervision department and thus remains uncertain.”
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