ICBC-AXA Life opened its wholly-owned asset management subsidiary in Shanghai on Thursday, making it the first insurance asset management joint venture in China after the government announced the further opening up of the insurance industry.

The new asset management subsidiary has a registered capital of 100 million yuan (US$14.5 million). It will manage both Renminbi and foreign currency funds of clients and its own.

ICBC-AXA Life was set up by the Industrial and Commercial Bank of China, AXA and China Minmetals Corp., with  a 60%, 27.5% and 12.5% stake respectively, in 2012.

The insurer raked in a premium income of 31 billion yuan in the first quarter and has a registered capital of 12.5 billion yuan.

The company said it will also use insurance funds to support key industries, construction projects, the Belt and Road Initiative and the country’s regional development strategies.