GUOHUA Life Insurance opened yesterday in Shanghai to tap into the country's rising need for financial protection. The Shanghai-based life insurer has a registered capital of 300 million yuan (US$40.5 million). The set-up of the insurer has brought the total number of China's insurance companies to 104, half of which are life insurance companies. The insurer got the go-ahead from China Insurance Regulatory Commission to start business earlier this year. Hubei Biocause Pharmaceutical Co, a Shenzhen-listed drug maker, holds a 19.99-percent stake in Guohua Life as the biggest shareholder. Biocause invested 59.97 million yuan in the life insurer. Guohua will make individual life insurance its key business area with a team of qualified agents. The insurer, with its biggest shareholder's pharmaceutical background, will also team up with hospitals to sell health insurance products. The tie-up wit...

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