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Report: Rosgosstrakh ponders investing into new Chinese life insurer

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Report: Rosgosstrakh ponders investing into new Chinese life insurer

Russianinsurer PAO Rosgosstrakhcould become one of the shareholders of Guohe Life Insurance, a new Chinese lifeinsurer that is being set up by Anxin Trust, Vedomosti reported July 13.

The capitalof the insurer will amount to 2 billion Chinese yuan, with the shareholders alsoincluding several other Chinese companies, in addition to Anxin Trust and Rosgosstrakh.

AnxinTrust, which will invest 400 million yuan into the life insurer, securing a 20%stake, already applied for a license with the China Insurance Regulatory Commission,Vedomosti noted.

Negotiationswith the Chinese partners were confirmed by a Rosgosstrakh representative, who saidthat the company is examining this investment possibility and the feasibility ofentering the Chinese life insurance market.

Rosgosstrakhwanted to launch operations in China in 2014, but the plans fell through. Russianinsurer JSC SOGAZ registeredits business in the country earlier in 2016, while Ingosstrakh has had an office in China since 1998, the newsreport noted.

As of July 14, US$1 was equivalentto 6.69 Chinese yuan.