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Shanghai Life gets approval for FTZ
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SHANGHAI Life Insurance Co yesterday got the approval it needed to operate in the pilot free trade zone as the city continues to boost its financial service and innovation sector.
The newly-established insurer, with a registered capital of 2 billion yuan (US$320 million), will offer both insurance and asset-management services, as well as traditional life insurance and health insurance products, China Insurance Regulatory Commission said in a statement.
The company will develop its business in Shanghai in the first two years and then open branches in other provinces.
Mi Chunlei, former chief executive officer of Shanghai-based private conglomerate Zhong Ying Enterprises (Group) Co, will be the company’s legal representative.
Invested by a consortium of eight state-owned and private companies, the company is backed by Shanghai city government and the local insurance regulator keen to tap the financial reform measures in the FTZ.
The consortium is led by Lanhai Holdings, a real estate developer affiliated to Zhong Ying Enterprises.
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