Major Insurance Joint Venture Established in N. China

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Last updated at: (Beijing Time) Friday, July 18, 2003

Major Insurance Joint Venture Established in N. China

Britain's Standard Life Assurance Co., Ltd. Thursday signed a contract with a Chinese company to establish a joint venture life insurance company in the northern China port city of Tianjin.

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Britain's Standard Life Assurance Co., Ltd. Thursday signed a contract with a Chinese company to establish a joint venture life insurance company in the northern China port city of Tianjin.

According to the contract, Standard Life and the Tianjin-based TEDA Investment Holding Co., Ltd. will jointly invest 1.3 billion yuan (157 million US dollars) to establish a life insurance company named Heng An Standard Life Insurance Co., Ltd.

The new company, currently the largest Sino-foreign joint venture insurance company in China, is scheduled to start selling insurance policies in Tianjin at the end of this year and gradually expand its business to other parts of China.

TEDA Investment is one of the 50 largest state-controlled companies in China, and Standard Life is the third largest life insurance company in Britain.

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