China News Agency, Beijing, July 17th, in view of Tianan Property Insurance Co., Ltd., China Life Insurance Co., Ltd., Tianan Life Insurance Co., Ltd., Yian Property Insurance Co., Ltd., New Times Trust Co., Ltd., Xinhua Trust Co., Ltd. The company triggered the takeover conditions stipulated in the Insurance Law of the People's Republic of China, the Banking Supervision and Administration Law of the People's Republic of China and the Administrative Measures of the Trust Company. The Supervision and Administration Commission (hereinafter referred to as the “Banking and Insurance Regulatory Commission”) decided to implement the takeover of the above-mentioned six institutions from July 17, 2020, with a takeover period of one year.

  During the takeover, the takeover team entrusted the establishment of China Pacific Property Insurance Co., Ltd., China Life Health Industry Investment Co., Ltd., Xinhua Life Insurance Co., Ltd., People's Insurance Company of China, CITIC Trust Co., Ltd., Bank of Communications International Trust Co., Ltd. The six trusteeship groups trust Tianan Property Insurance Co., Ltd., China Life Insurance Co., Ltd., Tianan Life Insurance Co., Ltd., Yi'an Property Insurance Co., Ltd., New Times Trust Co., Ltd., and Xinhua Trust Co., Ltd. For company business, take effective measures in accordance with laws and regulations, maintain the company's normal operation, and protect the legitimate rights and interests of various stakeholders such as insurance parties and trust parties according to law. (Finish)