AXA China insurance JV wins approval to establish Jiangsu branch |
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Tue, 20 Nov 2007 05:07
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BEIJING (XFN-ASIA) - The China Insurance Regulatory Commission (CIRC) said it has given its approval to AXA-Minmetals Assurance Co to set up a branch in eastern China's Jiangsu province.Shanghai-based AXA-Minmetals is a 51-49 joint venture between Europe's No. 2 insurer AXA and China Minmetals Corp, the parent of Minmetals Development Co Ltd (SHA 600058).The venture currently has branches in Beijing and Guangzhou, capital of southern China's Guangdong province, with premium income totaling 725.41 mln yuan in the first nine months.Last month, AXA-Minmetals raised its capital to 705 mln yuan, from 625 mln yuan previously.Jiangsu is a major insurance market in China, and more insurers are seeking to expand in the prosperous coastal province.In the second half of the year, Sino-foreign joint ventures of Allianz AG, Aviva PLC and ING Group were also given approval to establish 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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ING joint ventures win approval for branches in China's Anhui and Jiangsu 