US life insurance giant to set up joint venture in China

Home>>Business

Last updated at: (Beijing Time) Thursday, October 16, 2003

US life insurance giant to set up joint venture in China

MetLife, the largest life insurance company in the United States, declared Wednesday that it would set up its first company in China, a joint venture with Beijing Capital Airport Group.

DISCUSSION

CHINESE

SEND TO FRIEND

MetLife, the largest life insurance company in the United States, declared Wednesday that it would set up its first company in China, a joint venture with Beijing Capital Airport Group.

The new company, Sino-US MetLife, will have its headquarters in Beijing and provide life insurance service in China. The cooperation contract between MetLife and the Capital Airport Grouphas been proposed to the China Insurance Regulatory Commission and relevant government departments for approval.

MetLife gained admission to China on the day China entered the World Trade Organization (WTO). According to China's commitment tothe WTO, foreign life insurance investors can hold less than half of their company's shares in China but are free to choose their partners.

MetLife decided to cooperate with Beijing Capital Airport Group,which is not an insurance company, because the group has many customers and is very influential in China, said the international president of MetLife.

The joint-venture company will be mainly based on Chinese skillwhile making full use of MetLife's staff in Hong Kong and Taiwan. The president said the management staff of the new company are ready to start business any time.

Questions?Comments? Click here

Foreign-funded Life Assurance Gets Government Approval

Major Insurance Joint Venture Established in N. China

Sino-British Insurance Company Opens Branch in Beijing

Chinese, US presidents to meet in Bangkok ( 2 Messages)

Activists sail to Diaoyu Islands to proclaim sovereignty ( 5 Messages)

When will Nobel dream come true for China? ( 10 Messages)

US, don't be doubtful of everything: commentary ( 5 Messages)

China to launch manned space flight on Oct. 15 ( 33 Messages)