Italian Insurer Generali to Launch Life Insurance Joint Venture in ChinaItalian insurer Assicurazioni Generali S.P.A. has got approval from the China Insurance Regulatory Commission to launch a life insurance joint venture in China."The setting up of a life insurance joint venture is considered by Generali to be just the first step in re-establishing its operation in China, a market with a promising potential for growth and a pivotal area in future development strategies of the Group in Asia," company sources in Beijing said. Founded in 1831, Assicurazioni Generali S.P.A. is the third largest insurance company in Europe, with a premium income of 38 billion U.S. dollars in 1999. Generali's involvement with insurance in China dates back to 1908, when it opened a branch office in Shanghai to underwrite fire and marine insurance risks. In more recent times, Generali opened its first representative office in Beijing in 1996, followed by a second one in Shanghai in 1997. The company has maintained close business links with the People 's Insurance Company of China. It has provided technical expertise in specialized areas to assist China with the development of its insurance infrastructure and aerospace programs. |
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