China Xiamen C&D sets plan for Taiwan Life tie-up

SHANGHAI, Feb 13 (Reuters) - Xiamen C&D Inc (600153.SS) and Taiwan Life Insurance Co (2833.TW) will jointly invest a total of 240 million yuan ($33.4 million) to set up a joint life insurance venture in China, the Chinese company said on Wednesday.

The partners will each own half of the venture, said Xiamen C&D, a diversified trading company based in the southeastern province of Fujian across from Taiwan.

It said the venture would give it a "strategic entry" into China's fast-growing insurance industry, but did not elaborate.

Taiwan Life said last week it had won approval from Chinese authorities for an insurance joint venture in China, but did not give details. ($1 = 7.18 yuan)