Jul 04, 2023 05:19 AM

FINANCE

Ruizhong Life Debuts as Tomorrow-Linked Insurer Completes Revamp

By Wu Yujian and Han Wei

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Huaxia Life generated total premiums of 253.5 billion yuan in 2022, making it the third-largest life insurer in China

Huaxia Life generated total premiums of 253.5 billion yuan in 2022, making it the third-largest life insurer in China

China’s financial regulator approved the debut of a new life insurer born from the restructuring of Huaxia Life Insurance Co. Ltd., the biggest insurance asset of embattled private conglomerate Tomorrow Holding Co. Ltd.

The National Administration of Financial Regulation (NAFR) Monday granted clearance for Ruizhong Life Insurance Co. Ltd. and subsidiaries to open for business, marking the conclusion of a three-year effort to dispose of risks related to Huaxia Life, whose businesses were seized by regulators in July 2020.

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