The Ergo Insurance Group, which is part of the
Munich Re Group, is to launch a joint venture that will primarily
offer life insurance to private customers in the Chinese province
of Shangdong.
ERGO and Shandong State-owned Assets
Investment Holding Company (SSAIH) will each hold a 50% share in
the joint venture, and the headquarters will be located in Jinan,
the capital of Shandong. Jinan is situated about 400 km south of
Beijing.
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Subject to further regulatory approval, the
company is expected to launch its business operations in the first
half of 2013.
Commenting on the joint venture, Jochen
Messemer, member of the ERGO Insurance Group’s Board of Management
in charge of international operations, said: “The Chinese insurance
market has consistently developed at high growth rates in recent
years and will continue to offer enormous potential for further
growth.”
Messemer added: “We are confident that – based
on our technical and risk management expertise and international
know-how in setting-up life insurance operations – we will set
strong foundations for being successful in China in the long
run.”
