The joint venture is 50% owned by China Life Insurance Asset Management Company, while affiliate China Life Insurance (Overseas) Company. has a 24% stake. The remaining 26% is held by Franklin Templeton Strategic Investments, a unit of Franklin Templeton Investments.
Initially, the jointly-owned asset management company will be responsible for managing China Life Group’s non-renminbi overseas assets. In the long-term, the joint venture aims to provide similar high-quality investment management and advisory services to Chinese institutional investors.
Zhao Wei, CEO of the joint venture, said: The establishment of this strategic partnership between China Life and Franklin Templeton represents a historic opportunity for our two companies, bringing together our respective expertise in insurance and asset management for the benefit of our investors and policyholders. We look forward to a long and fruitful relationship.
