China's first privately-owned life insurer, Minsheng Life Insurance Company, has commenced operations.
Formed by a group of 21 domestic investors and Singapore's Asia General Holdings Limited, the Beijing-based firm has paid-in capital of 873 million yuan (US$105 billion).
It will offer an initial range of 28 life insurance products in cities including Beijing, Nanjing and Hangzhou.
The company plans to have life insurance operations nationwide within the next five to seven years.
(CRI News June 20, 2003)
