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United Metlife gains approval to operate sub-branch in Shanghai FTZ

SINO-US United Metlife Insurance Co has gained regulatory approval to start operating a sub-branch in Shanghai's pilot free trade zone after two months' preparation.

The China Insurance Regulatory Commission in May approved Metlife to set up a sub-branch in the zone, making it the first joint-venture life insurance company to tap reform prospects in the zone.

George Tan, CEO of Metlife, said the insurer will work out a business plan for the new sub-branch to better serve clients in the free trade zone. The company said earlier that it was interested in the ongoing financial reforms and innovations, but Metlife declined to give further information regarding business outlook of the new sub-branch.

The China Insurance Regulatory Commission last year envisioned the FTZ to pilot innovations to support offshore and logistics insurance policies, and aimed to develop the zone as a financial hub for foreign investment.

So far two insurance companies - China Pacific Property Insuance Co and Dazhong Insurance Co - have completed setting up branches in the zone, while China Life Insurance and China Taiping Insurance have been approved to operate in the zone.


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