Sweden's Skandia Insurance China jv to offer more investment-linked products |
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Tue, 21 Aug 2007 04:18
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BEIJING (XFN-ASIA) - The China Insurance Regulatory Commission (CIRC) said it has given approval to Skandia-BSAM Life Insurance Co to launch four more investment-linked insurance products in the mainland.No further details were provided.Skandia-BSAM Life Insurance Co is a 50-50 joint venture between Sweden's Skandia Insurance Co and the Beijing State-owned Asset Management Corp (BSAM).Insurance companies, especially foreign insurers, are increasingly seeking to launch investment-style products in China as the stock market is booming.The CIRC has recently given similar approvals for joint ventures with ING Group, CIGNA Corp and Italy's Assicurazioni Generali SpA, as well as AIA, a unit of American International Group Inc (AIG).In June, Skandia-BSAM Life reported premium income of around 626 mln yuan in the first five months of the year, already outstripping its 2006 level of 500 mln due to its focus on investment-linked insurance products.The CIRC data show that Skandia-BSAM Life had first-half premium income of 812 mln yuan.(1 usd= 7.60 yuan)allen.shu@xfn.comals/kmqxfnals/xfnkmCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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