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According to China Insurance Regulatory Commission, Hainan Airlines and Shin Kong Life will inject 250 million yuan each into the Shin Kong & Hainan Airlines Life Insurance Co., Ltd. as registered capital. The new company received CIRC's ratification Thursday.
Chen Feng, Chairman of Hainan Airlines missed chances to chair the insurance joint venture, crashing public expectations, and Wen Anmin is appointed as the chairman.
Prior to Hainan Airlines, China's three leading airline companies such as Air China, China Eastern Airlines., and China Southern Airlines had edged into the insurance industry by setting joint ventures with ROK's Samsung Life Insurance and Taiwan- headquartered Cathay Life Insurance ife Insurance respectively or acquiring equities of Sunshine Property and Casualty Insurance.
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