ING China insurance JV wins approval to establish Jiangsu branch |
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Tue, 13 Nov 2007 07:38
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BEIJING (XFN-ASIA) - Shanghai-based Pacific Antai Life Insurance Co, a 50-50 joint venture between ING Group and the China Pacific Insurance (Group) Co, said it has won regulatory approval to set up a branch in eastern China's Jiangsu province.The branch is expected to start operations in the first half of 2008, Pacific Antai said in a statement on its website.Founded in 1998, the venture currently has operations in Shanghai and southern China's Guangdong province.Pacific Antai posted premium income of 526 mln yuan in the first nine months.Jiangsu is a major insurance market, and more insurers are seeking to expand in the prosperous coastal province.Last month, Sino-foreign joint ventures of Allianz AG and Aviva PLC were approved to launch Jiangsu branches.(1 usd = 7.43 yuan)allen.shu@xfn.com-xfnals/xfntmCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Allianz China Life wins approval to open Nanjing branch 