In 2019, GEH acquired PT QBE General Insurance Indonesia. In 2006, Great Eastern and Chongqing Land Properties Group set up Great Eastern Life Assurance (China) Company (GELC), in a 50:50 joint venture. In 2012, GEH divested a 25% stake in GECL to Chongqing City Construction Investment (Group) Co. In 2015, Evergrande acquired a 50% stake in the Great Eastern Life Assurance (China).
The property company paid 3.93 billion yuan to buy up 50% of Great Eastern Life Assurance (China), eventually renaming the Great Eastern entity Evergrande Life Insurance.
However, because of its debt problems, Evergrande had to divest its insurance company. In September this year, the National Administration of Financial Regulation in China approved of the transfer of Evergrande Life Insurance to Haigang Life Insurance, a new company with capital from five state-owned entities including the Shenzhen government. Evergrande Life Insurance had reported insolvency, with losses of over US$5.5b in 2021 and total liabilities exceeding total assets by nearly US$2.6b at the end of that year according to the Chinese press.
