Xiamen C&D Inc and Taiwan Life Insurance Co will jointly invest a total of 240 million yuan ($33.33 million) to set up a joint life insurance venture in the mainland, Xiamen C&D said on Wednesday.

The partners will each own half of the venture, said Xiamen C&D, a diversified trading company based in East China's Fujian Province.

It said the venture would give it a "strategic entry" into the country's fast-growing insurance industry.

Taiwan Life said last week it had won approval from authorities for an insurance joint venture in the mainland, but did not give details.