Foresea Life Raises Cash by Selling Assets to Affiliates
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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