--- SEARCH ---
WEATHER
CHINA
INTERNATIONAL
BUSINESS
CULTURE
GOVERNMENT
SCI-TECH
ENVIRONMENT
SPORTS
LIFE
PEOPLE
TRAVEL
WEEKLY REVIEW
Film in China
War on Poverty
Learning Chinese
Learn to Cook Chinese Dishes
Exchange Rates
Hotel Service
China Calendar
Trade & Foreign Investment

Hot Links
China Development Gateway
Chinese Embassies

PICC Seeks Life Cover Arm Staff

PICC Holding Co, which owns China's largest property insurer PICC Property and Casualty Co, is moving closer to its goal of becoming a financial group operating both life and property insurance businesses.

The company's life insurance joint venture, which is still being developed, will soon start recruiting senior managers, sources said Tuesday.

The joint venture, which will be 51 percent owned by PICC Holding, won regulatory approval earlier this year, and investors have held a meeting to mark the firm's establishment.

The life insurer will be 29 percent owned by Sumitomo Life Insurance Co, Japan's fourth-largest life insurer, while Hong Kong's Asia Financial Holdings Ltd and Bangkok Bank Public Co, Thailand's biggest bank, will each hold 10 percent, according to a Bloomberg News report yesterday.

The new company, which will have initial capital of 1 billion yuan (US$121 million), will be the first foreign venture to receive a nationwide licence, which means it does not need further regulatory approval to open branches, Philip Ho, Asia Financial's spokesman in Hong Kong, was quoted by Bloomberg News as saying.

The establishment of the life insurer will be a key step forward in PICC Holding's "comprehensive operations" plan with the ultimate goal of forming a financial conglomerate.

PICC Holding unveiled its health insurance subsidiary last week, which is 51 percent owned by the company and 19 percent held by German health insurance giant DKV.

"The establishment of PICC Health Insurance is a reflection of PICC's strategy of comprehensive operations," Tang said at a ceremony marking the inauguration of the health insurer.

Besides PICC Property and Casualty, which holds around two thirds of China's property insurance market, PICC Holding now also owns an asset management firm in Shanghai.

Chinese insurers are not allowed to conduct both life and property insurance concurrently. But many are branching out into other business arenas, largely by restructuring into group companies, to enhance their competitiveness in the face of growing foreign rivalry.

Among others, Huatai Insurance Co Ltd, a major property insurer, launched its life insurance arm last week.

Chinese insurers are expecting much more fierce foreign competition in the domestic market. The government lifted nearly all restrictions on foreign insurers near the end of last year, allowing them to set up shop anywhere in the country.

China's insurance markets have grown by an average of more than 30 percent during the past two decades. The life insurance sector, which has huge potential given the staggering 1.3 trillion yuan (US$156 billion) in personal savings in the country, is particularly attractive to foreign insurers.

Despite worries about foreign competition, Chinese regulators have been encouraging local insurers to team up with foreign counterparts in order to improve their management and expertise.

(China Daily April 13, 2005)

Print This Page
|
Email This Page
About Us SiteMap Feedback
Copyright © China Internet Information Center. All Rights Reserved
E-mail: webmaster@china.org.cn Tel: 86-10-68326688
主站蜘蛛池模板: 和几个女同事的激情性事| 国产精品igao视频网| 中文字幕无码免费久久9一区9| 校花哭着扒开屁股浣肠于柔| 在线不卡免费视频| 三级极精品电影| 日本一区二区视频| 亚洲欧美日韩国产| 男人的天堂色偷偷之色偷偷 | 男人进去女人爽免费视频国产| 啊轻点灬大ji巴太粗太长h | 日韩在线小视频| 亚洲av永久无码精品古装片| 欧美日韩激情在线| 亚洲精品视频久久| 狠狠色丁香久久婷婷综合| 免费理论片51人人看电影| 精品视频在线免费| 四虎在线视频免费观看| 菠萝蜜网站入口| 国产午夜免费福利红片| 99re热久久这里只有精品6| 好妻子韩国片在线| 一级做a爱片在线播放| 日韩精品专区在线影院重磅| 亚洲中文字幕无码av在线| 欧美成人中文字幕dvd| 亚洲欧美日韩在线不卡| 波多野结衣痴女系列88| 人人妻人人澡人人爽人人dvd| 福利在线一区二区| 免费精品久久久久久中文字幕| 精品国产品欧美日产在线| 国产在线视频资源| 很黄很污的视频网站| 国产毛多水多高潮高清| 免费v片在线观看视频网站| 国产福利在线看| 日本人强jizzjizz老| 国产私拍福利精品视频| jjizz全部免费看片|