China Life and NCI Join Hands in $7 Billion Fund for Stock Investments

By Wu Yujian and Han Wei

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China Life’s net profit dropped 99% year-on-year in the third quarter 2023

China’s leading state-owned insurers, China Life Insurance Co. Ltd. and New China Life Insurance Co. Ltd. (NCI), plan to jointly establish a 50-billion-yuan ($7 billion) private fund to invest in publicly traded stocks, following Beijing’s call for insurance funds to help stabilize the volatile market.

Shanghai and Hong Kong-traded NCI said in a Wednesday filing that it will partner with China Life, with each contributing 25 billion yuan for the private securities investment fund under the tentative name Honghu Private Securities Investment Fund Co. Ltd.