NFRA head Li Yunze announced the approvals at a financial forum in Beijing. Credit: fizkes/Shutterstock.

BNP Paribas and Prudential Financial have secured approval from China’s National Financial Regulatory Administration (NFRA) to set up separate insurance ventures.

The head of NFRA, Li Yunze, announced the approvals at a financial forum in Beijing, underscoring the country’s commitment to liberalising its insurance sector, reported Reuters.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The joint venture between BNP Paribas and Volkswagen Financial Services aims to capitalise on the rapid growth of China’s insurance industry, which saw total insurance assets reach $4.2trn (29.82trn yuan) at the end of 2023.

This move is part of a broader effort to attract foreign investment and expertise into China’s financial services sector.

US-based Prudential Financial has also been authorised to establish an insurance asset management operation in Beijing.

Li said: “Next, we will support Beijing’s financial opening up, as always.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

At the same forum, China’s securities regulator expressed encouragement for foreign institutions to invest and conduct business in the country.

This reflects a wider agenda to create a more inclusive and internationalised financial environment within the country.

The establishment of these new ventures by BNP Paribas and Prudential Financial is indicative of the significant opportunities that China’s insurance market holds for global players.

As the sector continues to grow, these developments are expected to pave the way for increased international participation and competition in the Chinese insurance landscape.

In August this year, BNP Paribas entered exclusive talks to acquire 100% of AXA Investment Managers, which manages nearly €850bn ($930bn) in assets.