Sino-Canadian Joint Insurance Firm Launched

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Last updated at: (Beijing Time) Wednesday, June 12, 2002

Sino-Canadian Joint Insurance Firm Launched

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A joint life insurance company, established by the China Everbright Group Ltd. and the Sun Life Assurance Company of Canada, opened recently in Tianjin, a north China port city, bringing the number of local life insurance companies to six.

The Guangda-Yongming (Everbright-Sun) life insurance company, the first joint venture of its kind in north China, initially willoffer products and services like fixed term insurance, and fatal diseases, accident and children's education insurance to Tianjin residents.

Tianjin has historically been a financial center in north China.As the biggest coastal city in north China and an economic hub in the Bohai Bay area, it boasts an ideal geographical location, richresources and a sound social environment.

To date, 30 overseas banks and insurance companies have set up representative offices in the city.

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

The China Everbright Group Ltd., which is engaged in banking, securities, insurance and investment management, is a multinational group company, whose businesses now cover China's mainland, Hong Kong, Singapore, South Africa and other countries and regions worldwide.

Its assets totaled 290 billion yuan (34.9 billion U.S. dollars)by the end of 2001.

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