Canadian Insurance Giant Establishes Joint Venture in China

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Last updated at: (Beijing Time) Sunday, April 07, 2002

Canadian Insurance Giant Establishes Joint Venture in China

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A joint life insurance company, established by China Everbright Group Ltd. and the Sun Life Assurance Company of Canada, is expected to go into operation in north China municipality Tianjin soon, bringing the total number of local life insurance companies to six, sources said.

The Guangda-Yongming (Everbright-Sun) life insurance company, the first joint venture of its kind in north China, will at first mainly offer various insurance products and services to individuals in Tianjin.

The China Securities Regulatory Commission (CSRC) greelighted the Canadian insurance company to set up a Sino-Canadian joint life insurance company in 1999. The joint venture has already received a license from the CSRC to start its business.

Established in 1871, the Sun Life Assurance Co. is the largest insurance company in Canada, and one of the biggest insurance and assets management companies in the world. Its assets total 219 billion U.S. dollars-worth.

The company has been listed as one of the world's top 500 enterprises by Fortune magazine for three consecutive years since 1998.

For more than 100 years, the company has provided services covering bank deposits, retirement and old-age pensions, and life and health insurance to both individuals and enterprises worldwide.

It has representative offices in more than 20 major cities worldwide.

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