The subsidiary was the first insurance joint venture that obtained regulatory approval for the plant in China
A piece of France arrived in China. ICBC-AXA Life, in fact, partly owned by the French insurance giant AXA, has opened its wholly owned subsidiary in Shanghai. For France it is a small victory, in fact, ICBC-AXA Life is the first insurance joint venture that has obtained regulatory approval for the establishment of its company.
ICBC-AXA Life has a registered capital of 100 million yuan (about $ 14.5 million). The approval by China is also the fruit of the further opening by China which announced a further opening of the insurance sector in April 2018.
The company will also use insurance funds to support key industries
The partly French company, as confirmed by Ma Jian, president of ICBC-AXA Life, will manage both the funds in national currency and the foreign ones of its customers, improving at the same time the management of investments and the control of risks to become a company first-class insurance asset management in China.
The company will also use insurance funds to support key industries, major construction projects, the Belt and Road Initiative and the country’s regional development strategies.
ICBC-AXA Life, founded by the Industrial and Commercial Bank of China, AXA and China Minmetals Corp. in 2012, has collected premium income of 31 billion yuan in the first quarter of the year. A record for seven years now.
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