(Yicai Global) April 24 -- China Life Insurance, 10 other state-owned life insurers, and one more state-owned fund manager have established an equity investment fund worth CNY33.9 billion (USD4.9 billion).

The fund may serve to dispose of financial institutions' risks, Securities Times reported today, citing industry experts.

China Pacific Life Insurance, Taiping Life Insurance, and PICC Life Insurance are among the other investors in the fund, which was founded on April 20 in Beijing, according to data from business information platform Tiayancha, which did not show the size of its funding.

Insurers jointly set up in equity funds from time to time as they boost stock investments, the report cited industry insiders as saying. But it is rare for a fund to be of this size and involve more than 10 insurers, they said, noting that it may have some special purpose.

Editor: Martin Kadiev