Shin Kong Life Insurance Co (
Shin Kong Life and Hainan Airlines Group will each own half of the joint venture, to be based in Beijing, Shin Kong Financial said in a stock exchange filing on Monday.
The joint venture company will begin operations in May next year and will start by establishing sales channels, Shin Kong said in the statement.
"Strategically, it will focus primarily on the traditional sales agency force and secondarily on group insurance and bancassurance," Shin Kong said.
Bancassurance refers to sales of insurance and banking products through the same channel.
Shin Kong Life said it received the green light from the China Insurance Regulatory Commission on Monday.
On Oct. 19, Hainan Group chairman Chen Feng (
Hainan Group (
Shin Kong Life is owned by Shin Kong Financial Holding Co (