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China Life, CMG Form Joint Venture
China Life-CMG, a joint venture between China Life Insurance Company and Australian financial services company Colonial Mutual Group (CMG), has been granted final approval by the China Insurance Regulatory Commission CIRC).
A release from the joint venture today said it has been approved to start registration procedures and begin other preparations for operations.
China Life is the largest and only state-owned commercial life insurance company in China. It boasts total assets of 100 billion yuan and reported a premium income of 60 billion yuan in 1999.
CMG is a leading Australian financial services group. It has businesses in 16 countries worldwide. Assets under its management are worth 300 billion Australian dollars.
The two companies signed an agreement for starting a joint venture in Shanghai last July.
Zhao Guoxian, the Chief Executive Officer of the joint venture, said the company will start with accident and other traditional life insurance products and plans to introduce unit-linked policies and other new options in the near future.
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