HNA Exits Insurance Joint Venture to Launch Own New Unit

(Beijing) — Airline, hotel and investment conglomerate HNA Group has laid the groundwork for a new insurance unit by washing its hands of a money-losing venture with Taiwan's Shin Kong Life Insurance Co.

Shenzhen-based HNA sold its 50% share and Shin Kong offloaded a 25% stake, while retaining 25%, in Shin Kong-HNA Life Insurance Co., the Taipei-based joint venture announced Wednesday.