Samsung Life Insurance Co Ltd, Bank of China Ltd, BOC Insurance Co Ltd, and China Aviation Industry Corporation (AVIC) signed agreements for shareholding stakes in Samsung Air China Life Insurance on Sunday to jointly promote mainland service, Yonhap News Agency reported.
Samsung Air China Life Insurance was set up in 2005 with joint investments from AVIC and Samsung Life Insurance with 800 million yuan ($132 million) in registered capital. It was the first China-South Korea life insurance company.
BOC will put additional investment in Samsung Air China Life Insurance through BOC Insurance, a wholly-owned subsidiary of the bank. The scale of the investment and the shareholdings of each of the partners will be revealed when the investment has been made.
BOC has been looking for opportunities to enter the insurance industry.
In September 2009, BOC Insurance gained approval from authorities to purchase Heng An Standard Life Co Ltd. The deal failed because the British shareholder of Heng An refused to sell shares.
yangziman@chinadaily.com.cn
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