AEGON-CNOOC Life Insurance Co will set up a new branch in Zhejiang Province this year, its top management said.

"We expect to receive a license from the industry regulator soon," said Marc Van Weede, president of AEGON-CNOOC Life Insurance Co, adding the company is considering exploring China's pension market.

The insurer saw its premiums reach 459 million yuan last year, an increase of 80 percent on 2005.

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