China Great Wall Asset Management, one of four "bad banks" originally created by Beijing to clean up non-performing loans (NPLs), has established a life insurance joint venture with Nippon Life, Japan’s largest life insurer, the FT reported. The move is part of Great Wall’s diversification strategy to move away from its focus on selling bad loans made by state lenders, and part of a wider state strategy to force state-owned conglomerates to shed non-core assets. The venture was formed when Great Wall acquired the 50% share consumer electronics maker SVA Group help in an existing joint venture with Nippon Life. Great Wall is the first of the four "bad banks" which has waded into the insurance sector.