China Cinda to offload stake in loss making insurer Happy Life.
Jun 13, 2019 (China Knowledge) - Chinese bad debt manager China Cinda Asset Management Co. Ltd. is planning to sell its stake in money losing Happy Life Insurance Co. Ltd. after the latter posted heavy losses last year.
Happy Life recorded a loss of RMB 6.8 billion last year due to losses on equity investments while its premium income also fell by more than half to RMB 9.2 billion last year from RMB 18.5 billion in 2017.
The insurer which was founded in 2007 turned profitable in 2015 with a...
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