17-May-19, Asia Times
CBC-AXA Life has opened its wholly-owned asset management subsidiary in Shanghai, making it the first insurance asset management joint venture in China after the government announced the further opening up of the insurance industry.
%20Asia%20Times.jpg "ICBC AXA Life marks a major first in Shanghai (c) Asia Times")
Image: Asia Times
The new asset management subsidiary has a registered capital of 100 million yuan (US$14.5 million). It will manage both Renminbi and foreign currency funds of clients and its own. ICBC-AXA Life was set up by the Industrial and Commercial Bank of China, AXA and China Minmetals Corp., with a 60%, 27.5% and 12.5% stake respectively, in 2012.
The insurer raked in a premium income of 31 billion yuan in the first quarter and has a registered capital of 12.5 billion yuan.