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Sino-British Insurance Company Established
China International Trust & Investment Corp. (CITIC and British Prudential Assurance Co. Ltd, jointly established a life insurance agent today in this capital city of south China's Guangdong Province.
Investment for the first phase will reach 200 million yuan (24 million U.S. dollars), and each side holds 50 percent of the stock,according to the contract.
Founded in 1848, Prudential Assurance is the largest life insurance retail agent in Britain, with over 270 billion U.S. dollars in management capital. It has established a lot of offices in Asia with some in the cities in China like Beijing, Tianjin and Shenyang.
China International Trust & Investment Corp., a large State-owned Enterprise directly under the State Council, has more than 40 subsidiary companies all over the world. Now it controls a total capital of nearly 270 billion yuan (32.5 billion U.S. dollars).
Experts say that China's life insurance market will grow rapidly. It is expected that the joint insurance company will help to meet the increasing domestic demand for insurance services.
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