Undaunted by the poor showing
of foreign insurers in China, Korea Life Insurance (KLI) is to
forge ahead with the establishment of a joint venture (JV) life
insurance company in the country, reports Xinhua, China’s official
news agency. The new insurer will be based in Hangzhou, the capital
city of Zhejiang province.
KLI, Korea’s second-largest
life insurer, received the go-ahead in November 2011 from the China
Insurance Regulatory Commission to proceed with the establishment
of the 50:50 JV in partnership with Zhejiang International Business
Group (ZIBG).
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The original preliminary
agreement between KLI and ZIBG to establish a JV was signed in
December 2009.
ZIBG is a subsidiary of the
Zhejiang State-Owned Assets Supervision and Administration
Commission and is responsible for the operation and management of
the Zhejiang province’s assets relating to foreign
trade.
According to Xinhua the new
JV life insurance company will have an initial capital of CNY500m
($78m) and will commence operations at the end of 2012.
Xinhua added that KLI, which
will manage the JV, aims to initially focus on China’s main
industrial region, the Yangtze River Delta, and to later expand
into Shanghai, Jiangsu and Sichuan.
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