China Insurance Regulatory Commission (CIRC) has approved the Huatai Insurance Company of China, Ltd to open its asset management corporation, sources with the Huatai said.

This is the first insurance asset management corporation approved by the CIRC since China issued a regulation concerning insurance asset management corporation on June 1, 2004.

Huatai Insurance, founded in August 1996, is the first national joint-stock property insurance company in China, which has a registered capital of 1.3 billion yuan (157 million US dollars). The ACE limited of the United States is a major shareholder and strategic partner of Huatai.

Huatai Insurance has maintained a stable profit rate and provided satisfactory investment returns for its shareholders, sources said, noting that the asset management corporation will facilitate further development of Huatai's business.

Source: Xinhua