China Life Asset Management Co., Ltd., as a trustee, has used funds entrusted by China Life Insurance Company and third-party institutions to participate in the "Ansteel Group Capital Increase and Investment Project", with a total scale of about RMB 10.5 billion ($1.5 billion). The project funds are mainly invested in the core subsidiaries of Ansteel Group - Liaoning Province-based Chinese steelmaker Benxi Iron and Steel, and Liaoning Province-based Chinese miner Panzhihua Mining.
Liaoning Province-based Chinese steelmaker Anshan Iron and Steel Group is an important national industrial enterprise and one of the first batch of "innovative enterprises" of China. It has rich reserves in its own mines, with its iron ore reserves reaching 14 billion mt. It is the largest vanadium producer in the country and the second largest in the world, and is also the largest titanium raw material producer in China.
As of the end of the third quarter of 2024, the size of stock of investment of China Life's group-wide insurance funds directly serving the real economy amounted to nearly RMB 4.9 trillion ($0.7 trillion).
