On October 8, Geelong announced that in order to strengthen its current business operations, the group is planning to launch new business in the insurance sector within its financial business division. The group has established a non-wholly-owned subsidiary limited liability company in the Cayman Islands, which has recently been granted a license by the Cayman Islands Monetary Authority to operate insurance business.
As part of its new insurance business, the group plans to provide private life insurance, a life insurance product that provides policyholders with death benefit protection and opportunities for investment growth within the policy. The group is currently preparing to fully launch its insurance business, the board of directors believes that the new business will allow the group to enter a new industry and benefit from diversified sources of income.
