Aviva China insurance JV Jiangsu branch approved |
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Wed, 28 Nov 2007 08:55
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BEIJING (XFN-ASIA) - The China Insurance Regulatory Commission (CIRC) said it has given its approval to Aviva-Cofco Life Insurance Co Ltd to open a branch in eastern Jiangsu province.Aviva-Cofco Life is a 50-50 joint venture between UK insurer Aviva PLC and COFCO Ltd, China's leading oil and food importer and exporter.The venture posted premium income of around 2.9 bln yuan in the first 10 months.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, ING Group and AXA were also given approval to establish branches in Jiangsu.In a separate statement today, the CIRC said Yingda Taihe Life Insurance Co has also been approved to set up a branch in Jiangsu.Yingda Taihe is a new wholly-owned unit of State Grid Corp, the larger of China's two state-owned power transmission firms.(1 usd = 7.39 yuan)allen.shu@xfn.com-xfnals/xfnjanmCOPYRIGHTCopyright 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 China insurance JV wins approval to establish Jiangsu branch 