Prudential approved to open new China branch
(Xinhua)
Updated: 2004-11-22 11:17

British life insurer Prudential Plc. said Friday its joint venture, CITIC Prudential, had received license from the China Insurance Regulatory Commission to open a new branch in Shanghai.

The license was Prudential's fourth Chinese license, which would help it to beat its target of doubling its city presence in China by the end of next year, the insurer said.

“As the only European life insurer with four licenses in China, Prudential is well positioned to continue its expansion in the rapidly growing Chinese market,” the company said in a statement.

The new branch is expected to be open for business in the first quarter of 2005.

“With operations in Guangzhou, Beijing, Suzhou and a license for the city of Shanghai, CITIC Prudential is well positioned to continue its growth in the Chinese market,” said Wang Jun, chairman of CITIC Group, Prudential's partner in the joint venture.

CITIC Prudential was the first Sino-British life insurance joint venture and had already become one of the top five providers in the Guangzhou market since its debut in the southern city four years ago, the British company said.

In a separate development, China's leading property insurer PICC and Germany's DKV launched Thursday China's first specialized health insurance firm for social medical care.

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