Caixin
Oct 10, 2018 04:42 AM
FINANCE

Foresea Life Raises Cash by Selling Assets to Affiliates

Foresea has struggled with revenue declines after a regulatory crackdown on universal life insurance. Photo: VCG
Foresea has struggled with revenue declines after a regulatory crackdown on universal life insurance. Photo: VCG

A once high-profile Chinese insurer that has struggled in the face of a regulatory crackdown on its biggest product is scrambling to increase revenue through transactions with affiliated companies before the closing of its 2018 fiscal year.

Shenzhen-based Foresea Life Insurance, a unit of financial conglomerate Baoneng Group, disclosed two internal deals in the last month that generated more than 10 billion yuan ($1.45 billion) of revenue.

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