Magazine date:
Feb 2014 Bank of China Insurance, China Aviation Industry Corporation (AVIC) and South Korean insurer Samsung Life Insurance have acquired a stake in Samsung Air China Life Insurance (SACLI), giving rise to the first Sino-Korean insurance establishment. Bank of China Insurance is 100% owned by Bank of China, one of the largest banks in the country.
Each of the five largest banks in China now holds a life insurance company. Bank of China is already planning a capital injection in SACLI which was set up in 2005 following the establishment of a joint venture between AVIC, a major Chinese company specializing in aviation and defense, and Samsung Life Insurance.