Chinese billionaires join forces to help create new insurance firm

Industry newcomer to focus on insurance products for women and children

Insurance News

By Gabriel Olano

Several of the richest businessmen in China have teamed up to help form a new player to join in the country’s booming insurance industry.
The companies of billionaires Sun Guangxin (Xinjiang Guanghui Industry Investment Group), Zhou Yaoting (Hodo Group), and Lin Li (Shenzhen Liye Group) will pool RMB260 million (US$37 million) to be invested in the new insurance company, which will be named Ankang Life Insurance.
Ankang will have a total registered capital of RMB 2 billion (US$288 million). Based in Beijing, it will focus on insurance policies catering to women and children.
Sun, Zhou and Lin are ranked 56th, 113th and 132nd on the 2016 Forbes China Rich list. Their net worth values are at US$3.35 billion, US$2.14 billion, and US$1.93 billion, respectively.

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