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MetLife Inc, the United States' largest life insurer, and Capital Airports Holding Company Thursday announced the launch of life insurance operations in China through a joint venture.
The Sino-US MetLife Insurance Company, a 50-50 joint venture between Metropolitan Life Insurance Company and Capital Airports, was unveiled Thursday in Beijing.
"We have a real opportunity to help the working men and women of this country secure a better financial future for themselves and their families by offering best-in-class products and world-class customer service," William J. Toppeta, president of MetLife International, said at the opening ceremony.
Robin Chi, general manager of the joint venture, said the company, backed by the US parent's 136 years of experience and Capital Airports' strong position in the local market, aims to become the leader in China's life insurance industry.
Li Peiying, general manager of Capital Airports, said his company is negotiating with local insurance companies, "under the instruction of related government authorities," about which companies will be selling flight accident insurance at the Beijing Capital International Airport in the future."
But there has been no result yet," he said.
Earlier this month, news that Sino-US MetLife may soon become the sole insurer to sell flight accident policies at one of the nation's busiest airports angered the 19 Chinese insurers that are currently selling policies there, and prompted criticism about the existence of a monopoly.
A contract between the 19-member insurers' group and the airport expired in 2002, and the airport is looking for partners that are "strong and have good brand names and can provide good services to clients," Li said.
"As to whether Sino-US MetLife will be the only candidate, the answer is no," he said.
(China Daily March 26, 2004)
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