Foresea Life pledges 'consolidation'

Foresea Life Insurance Co, a unit of private conglomerate Baoneng Group, said on Tuesday it will "consolidate" its universal life insurance business to meet regulatory requirements by the end of this month.

The move comes in response to the suspension by the regulator of sales of its controversial products.

The Shenzhen-based insurer responded thus after the financial regulators stepped up efforts to rein in risks associated with the surge in stake-buying of listed companies' shares by insurance funds.