Axa-Minmetals Assurance Co will maintain its growth and rate of expansion in China despite the financial crisis, its CEO said yesterday.

The joint-venture life insurer is focussing on maintaining growth in China, said Jamie McCarry, chief executive officer and president of the insurer, in Shanghai.

"Figures show we are on track to meet the target," he said.

McCarry said the insurer will keep opening more outlets in China, focussing on eastern regions.

He said the insurer will strengthen its business in Jiangsu and Zhe°?jiang provinces and Shanghai, which posted strong growth over the past few years.

The insurer will open an outlet in Tianjin in the coming months. The insurer has moved into 11 Chinese mainland cities.

The life insurer also launched a 100-percent premium refund scheme in China - the first insurer to do so - to counter the financial crisis and the slowdown of economic growth.

The insurer will refund premiums to clients who bought products from April 10 to August 8 and lost their jobs within one year of purchasing their policy.

(Xinhua News Agency April 15, 2009)