Metlife first JV to set up in FTZ
Print Edition
SINO-US United Metlife Insurance Co plans to set up a sub-branch in Shanghai’s pilot free trade zone, making it the first joint-venture life insurer to tap opportunities arising from reforms being carried out in the zone.
Metlife will have six months to complete preparations for the sub-branch, the company, which has gained regulatory approval, said in a statement yesterday.
The insurer is interested in the ongoing financial reforms and innovations but Metlife declined to elaborate on its business outlook of the new sub-branch.
Metlife joins two other insurance companies, China Pacific Property Insurance Co and Dazhong Insurance Co, which have set up branches in the FTZ. China Life Insurance and China Taiping Insurance, meanwhile, have been approved to operate in the zone.
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