SHANGHAI, May 16 (Xinhua) -- ICBC-AXA Life, partly owned by French insurance giant AXA, on Thursday opened its wholly-owned asset management subsidiary in Shanghai.
The subsidiary, with a registered capital of 100 million yuan (14.5 million U.S. dollars), was the first insurance asset management joint venture that won regulatory approval for establishment after China announced further opening up of the insurance industry in April 2018.
The firm will manage both Renminbi and foreign currency funds of clients and its own, and improve investment management and risk control to build itself into a top-class insurance asset management company in China, said Ma Jian, chairman of ICBC-AXA Life.
The company will also use insurance funds to support key industries, key construction projects, the Belt and Road Initiative and the country's regional development strategies.
ICBC-AXA Life was set up by the Industrial and Commercial Bank of China, AXA and China Minmetals Corp. in 2012 with a registered capital of 12.5 billion yuan. It raked in a premium income of 31 billion yuan in the first quarter of the year, a seven year record-high.