Guodian Capital Wins Nod To Acquire 50% Stake in Skandia Life

Guodian Capital Holdings has obtained approval from the China Securities Regulatory Commission (CSRC) to purchase a 50 percent stake in Skandia Life Assurance from Beijing State-owned Asset Management, reports NetEase, citing a notice from the CSRC.

Skandia Life Assurance recorded premiums of more than 700 million yuan in 2009. Its major products are investment-linked insurance products.

Skandia Life Assurance was established in 2004 by Beijing State-owned Asset Management and Sweden’s Skandia Insurance.

At present, it has branches in Shanghai, Jiangsu, Guangdong and Zhejiang provinces and sales offices in Shenzhen and Wuxi.

Upon the completion of the transaction, Skandia Insurance and Guodian Capital will each hold a 50 percent stake in Skandia Life Assurance.