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Foreign-Funded Insurance Company Established
John Hancock Tianan Life Insurance Company, co-established by the world leading John Hancock Financial Service Inc. (JHFS) of U.S. and Shanghai-based Tianan Insurance Co. Ltd., launched its business Friday in Shanghai.
Stephen L. Brown, board chairman of JHFS, said that he believes China will grow to be the largest market for life insurance in the 21st century.
Anthony E. Higgins, general manager of the new company, said that the company will start with traditional life insurance offerings to set a solid foundation for further business in China.
The company has also offered some special service items in line with Shanghai citizens' keen understanding of the insurance game, said Higgins.
In 1862, JHFS set up in Boston its affiliated John Hancock Life Insurance Company, which now has become a world giant boasting assets of US$125 billion. So far, the company has branch offices in Shanghai, Tianjin and Guangzhou.
To date, a number of internationally-known insurance companies such as American International Group (AIG) and Allianz from Germany have entered China's insurance market.
With the drastic development of China's insurance market, the total income from insurance premiums is likely to hit 280 billion yuan (US$34 billion) in 2005, Ma Yongwei, chairman of China Insurance Regulatory Commission (CIRC), said recently.
The number of foreign-funded insurance organizations has surpassed that of the state-funded, sources said.
A number of the world's leading insurers are interested in teaming up with Chinese institutions of higher learning to form insurance research and training programs, which can contribute to the opening-up of the country's insurance market.
Experts believe that more and more overseas insurance companies will follow JHFS and explore the potential of China's insurance market.
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