China Life Insurance coverage has teamed up with State Energy Funding Company Restricted (SPIC) to launch an eight billion yuan ($1.1 billion) clear power fund, the latter introduced in a WeChat submit.
China Life is known to have dedicated as much as 7.2 billion yuan ($1 billion) to the fund, which might be managed by its asset administration arm. The fund will primarily put money into state-backed clear power tasks in underdeveloped areas. It is going to additionally make investments in areas reminiscent of sensible power, hydrogen power and power storage.
The corporate, formally often called Folks’s Insurance coverage Firm of China, is a state-owned insurer. It presents life, annuity, well being, and accident insurance coverage providers.
It forayed into banking and funding companies with the acquisition of a 23.7 per cent stake in China Guangfa Bank for 19.7 billion yuan ($three billion) from Citigroup in 2016. The corporate was listed in New York and Hong Kong in 2003 and went public in Shanghai in 2007.
It generated annual income of 907 billion yuan ($128 billion) in 2019 and it has 4.5 trillion yuan ($634 billion) in property beneath administration.
Headquartered in Beijing, China Life has 10 subsidiaries, together with China Life Insurance coverage Firm, China Life Asset Administration, China Life Funding Holding, and China Life Healthcare Funding.
Established in 2015, state-owned SPIC is one in every of China’s high 5 energy mills and one in every of its three nuclear energy builders and operators. In addition to China, it has operations in 41 international locations throughout the globe.
