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China Pacific, ING cash in on JV

By Song Hongmei (chinadaily.com.cn)
Updated: 2007-01-12 11:22

Related publication: Related readings: China Pacific chief throws in towel ING, Gemdale in property JV

China Pacific Life Insurance Co, the country's third-largest life insurer, and ING Groep NV, the world's largest Dutch financial company, co-invested 200 million yuan (US$25.66 million) in their joint venture, Pacific-Antai Life Insurance Co, increasing its registered capital to 700 million yuan.

Shanghai-based Pacific-Antai currently only does business in Shanghai and South China'sGuangdongProvince. It has failed to deliver good performance to its shareholders since its establishment in 1998.

However, Shi Jierong, executive vice president of China Pacific, has been officially appointed as chairman of Pacific-Antai. Meanwhile, Pacific-Antai is applying to open a branch in East China'sJiangsuProvince.

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The full text is available in the January Issue ofChina Insurance.