Sino-British Insurance Company Opens Branch in Beijing

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Last updated at: (Beijing Time) Thursday, August 28, 2003

Sino-British Insurance Company Opens Branch in Beijing

CITIC-Prudential Life Insurance Co., Ltd., a Sino-British joint venture insurance company, officially opened its branch in Beijing Wednesday.

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Sino-British Insurance Company Opens Branch in Beijing

CITIC-Prudential Life Insurance Co., Ltd., a Sino-British joint venture insurance company, officially opened its branch in Beijing Wednesday.

It becomes the first joint venture life insurance company to open in Beijing.

Calvin Chang, general manager of the branch, said the Beijing branch would provide life insurance, profit sharing insurance, accident insurance and health insurance services in the initial stage.

Established in Oct. 2000 between the British Prudential PLC and China International Trust and Investment Corporation (CITIC), CITIC-Prudential Life Insurance Co., Ltd. has recorded fast business growth in China. It claims 14 percent of new premium revenue in Guangzhou, capital of the booming Guangdong Province in south China.

Beijing, which is among the second batch of Chinese cities open to foreign insurance companies, reported 23.3 billion yuan (about 2.81 billion US dollars) of premium revenue in 2002, up 67 percent over the previous year.

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