Industrial and Commercial Bank of China, the country's largest lender, said China Life Insurance, the country's largest insurer, has chosen it to manage the assets of its general insurance and pension ventures.
China Life and its parent set up a venture to serve corporate annuity plans in March and a venture to run property and casualty insurance in October.
In the same statement, Industrial and Commercial Bank said insurance assets that it manages for 26 insurers have reached 76.8 billion yuan.
Previous reports indicated that the bank had 30 billion yuan of insurance assets under its management at the beginning of the year.
Already the largest custodian among Chinese lenders, ICBC is trying to increase its market share in asset management services for insurers, fund management companies and brokerages.
Its managed assets increased by an average 75 per cent in the past three years to 213 billion yuan by the end of 2005.