Metlife's venture eyes big ambition
By Zhang Fengming |
April 20, 2011, Wednesday
|
Print Edition
Print Edition
METLIFE Inc's venture in China aims to become one of the top three foreign insurers for new policy business by 2015, Bob Pei, its chief executive officer, said in Shanghai yesterday.
The company plans to increase its 5,100 sales staff to meet its target, Pei, CEO at Sino-US United MetLife Insurance Co Ltd, said.
"We are highly optimistic about the growth in China," said Bill Toppeta, president of MetLife Inc International.
"While competitors are diminishing or retreating from the Chinese market, MetLife is growing and prospering in China."
Sino-US United MetLife Insurance Co Ltd is the new name of the Chinese joint venture after it merged its two life-insurance joint ventures in China to consolidate its business in the rapidly growing market.
Previously, the largest life insurer in the United State has two 50-50 joint ventures in China - United MetLife Insurance Co in Shanghai and Sino-US MetLife Insurance Co in Beijing.
The Shanghai venture's domestic partner - Shanghai Alliance Investment Ltd - has bought the stake held by Capital Airports Holding Co in Sino-US MetLife, paving way for the merger.
The merger is in line with the Chinese regulator's push for foreign investors to focus on one joint venture in China.
MetLife's two ventures generated a combined premium income of 4.2 billion yuan (US$643 million) last year.
But their income contributed to less than 7 percent of the life insurance market among overseas insurers in China.
The company plans to increase its 5,100 sales staff to meet its target, Pei, CEO at Sino-US United MetLife Insurance Co Ltd, said.
"We are highly optimistic about the growth in China," said Bill Toppeta, president of MetLife Inc International.
"While competitors are diminishing or retreating from the Chinese market, MetLife is growing and prospering in China."
Sino-US United MetLife Insurance Co Ltd is the new name of the Chinese joint venture after it merged its two life-insurance joint ventures in China to consolidate its business in the rapidly growing market.
Previously, the largest life insurer in the United State has two 50-50 joint ventures in China - United MetLife Insurance Co in Shanghai and Sino-US MetLife Insurance Co in Beijing.
The Shanghai venture's domestic partner - Shanghai Alliance Investment Ltd - has bought the stake held by Capital Airports Holding Co in Sino-US MetLife, paving way for the merger.
The merger is in line with the Chinese regulator's push for foreign investors to focus on one joint venture in China.
MetLife's two ventures generated a combined premium income of 4.2 billion yuan (US$643 million) last year.
But their income contributed to less than 7 percent of the life insurance market among overseas insurers in China.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
