Prudential And Fosun Link For China Venture
Source: Agencies |
August 25, 2011, Thursday
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Print Edition
Print Edition
US financial group Prudential Financial has received regulatory approval to set up a life insurance venture in China with a unit of Chinese conglomerate Fosun Group, accessing the country's 1 trillion yuan (US$156 billion) life insurance market.
Prudential Financial and Shanghai Fosun Industrial Technology Development will set up the venture within the next 12 months, with Prudential's stake capped at 50 percent, in line with regulations, according to the China Insurance Regulatory Commission.
So far, 28 foreign companies, including HSBC Holdings, Axa and Allianz, have entered China's fast-growing, but competitive life insurance market, which is currently dominated by domestic giants China Life Insurance and Ping An.
Prudential Financial and Shanghai Fosun Industrial Technology Development will set up the venture within the next 12 months, with Prudential's stake capped at 50 percent, in line with regulations, according to the China Insurance Regulatory Commission.
So far, 28 foreign companies, including HSBC Holdings, Axa and Allianz, have entered China's fast-growing, but competitive life insurance market, which is currently dominated by domestic giants China Life Insurance and Ping An.
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