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Establishment of ICBC-AXA Asset Management Company Officially Approved
 

On May 2, 2018, China Banking and Insurance Regulatory Commission formally approved the establishment of ICBC-AXA Asset Management Company proposed by ICBC-AXA LIFE. It is reported that this is the first joint-venture insurance asset management company to be approved since China proposed to speed up the opening process of the insurance industry recently.

It is learned that ICBC-AXA Assets Management Company, registered in Shanghai with a registered capital of RMB100 million, is a subsidiary wholly-owned by ICBC-AXA LIFE. The company's business scope includes management of RMB and foreign currency funds entrusted by clients; management and investment of proprietary RMB and foreign currency funds; introduction of insurance asset management and other businesses approved by China Banking and Insurance Regulatory Commission and other departments of the State Council.

Ma Jian, Chairman of ICBC-AXA LIFE and the leader of the preparatory group of ICBC-AXA Asset Management Company, said that the investment scale of ICBC-AXA LIFE had reached RMB100 billion at present. The main purpose of initiating the establishment of ICBC-AXA Asset Management Company was to upgrade the professional level of the use of insurance funds, improve the efficiency of capital use, and broaden the fund utilization channels according to the development trend of asset management in insurance industry. The establishment of ICBC-AXA Asset Management Company will effectively improve the investment ability of ICBC-AXA LIFE, sharpen cutting edge of the company, and help ICBC-AXA LIFE build into a top-notch life insurance company in China. Meanwhile, ICBC-AXA Asset Management Company will use insurance funds to better serve the development of real economy in the future. ICBC-AXA Asset Management Company is able to play a positive role in serving the civil-military integration, "Made in China 2025", and in major fields and innovative sectors including regional economic development, Belt and Road Initiative, small and medium-sized enterprises, targeted poverty alleviation, etc. In the course of investment, the company will also make full use of the improved risk management and control system of the shareholders to keep investment risks in check.

As the sole shareholder of ICBC-AXA Asset Management Company, ICBC-AXA LIFE was a joint-venture founded in 2012 by three large Chinese and foreign companies, namely ICBC, AXA Group and China Minmetals Corporation, with a registered capital of RMB12.505 billion. ICBC-AXA LIFE was formerly known as AXA-Minmetals Assurance. Founded in May 1999, it was the first Sino-French joint-stock insurance company in China . In 2017, the company received a total premium of RMB39.65 billion, a record since its establishment five years ago, ranking first among joint-venture (foreign-owned) bancassurance companies at home and abroad.


(2018-05-18)
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