Generali China wins approval to offer investment-linked insurance products |
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Thu, 26 Jul 2007 03:16
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BEIJING (XFN-ASIA) - Generali China Life Insurance Co Ltd, a 50-50 joint venture between China National Petroleum Corp (CNPC) and Italy's Assicurazioni Generali SpA, has won approval from the China Insurance Regulatory Commission (CIRC) to launch three investment-linked insurance products, the CIRC said in a statement.The CIRC has given similar approvals for CIGNA & CMC Life Insurance Co and ING Capital Life Insurance Co as well as China Life Insurance Co, the country's largest insurer.CIRC spokesman Yuan Li said Tuesday that China's insurance sector raised 9.63 bln yuan from the sale of investment-linked products in the first six months of this year, with foreign insurers recorded first half growth of 720 pct, compared to 190 pct growth by domestic insurers offering such producs.(1 usd= 7.58 yuan)allen.shu@xfn.com-xfnals/xfntmCOPYRIGHTCopyright 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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