Sunshine Life Insurance Co Ltd, one of the country's major life insurers, has set up a hospital in Shandong province.

The company has signed a deal with Weifang People's Hospital and Weifang Medical College to launch a Sunshine Ronghe Hospital, it said on Friday.

Sunshine Ronghe Hospital, expected to open in 2015, will be the country's first launched by an insurer, a local hospital and a medical college, according to a statement.

Total investment will be 2.5 billion yuan ($400 million), with Sunshine Life taking a more than 50 percent stake.