China Approves New Life Insurance Firm

Chinese listed holding firm Shenghe Resources received approval for its plan to set up a new life insurance company, called Huagui Life Insurance, in China.

The approval from the China Insurance Regulatory Commission (CIRC) makes Huagui Life the 10th insurance firm to receive a license from the regulator this year so far.

In a statement, Shenghe Resources said Huagui Life has a registered capital of Rmb1 billion (US$150 million) and will be established in Gui’an New Distrcit in Guizhou.

Chengdu-headquartered Shenghe and its partners reached agreement to set up the life insurer in 2013.

The nine other new insurance entities approved by CIRC this year to date are: Zhonghui Property Mutual, Huiyou Construction Property Mutual, Xinmei Life Mutual, Taiping Technology Insurance, Hengqin Life Insurance, Three Gorges Life Insurance, CCB Property Insurance, Qianhai Reinsurance, and PICC Re.

At present, there are more than 150 life and non-life insurance companies operating in China, and at least three reinsurers.

Shenghe Resources is principally engaged in the smelting, separation and deep processing of rare earth.

The Company’s main products portfolio consists of rare earth oxide, rare earth salts, rare earth metals, metal catalysts and molecular sieves, among others. The Company distributes its products within domestic market and to overseas markets. –