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Life Insurer Opens Shanghai Branch
China's Xinhua Life Insurance Company formally inaugurated its Shanghai branch Wednesday, bringing the number of insurers in Shanghai to 24.
Xinhua Life President Guan Guoliang said Shanghai is an important economic and financial center and the place to be for domestic and international insurers.
"Xinhua Life will learn from the advanced management and technology of fellow companies, especially those foreign companies, " Guan said.
Launched in 1996 by the Shanghai Baoshan Iron and Steel Company and 14 other large businesses in China, the Beijing-headquartered insurer reported an accumulated premium income of 5.38 billion yuan and assets worth of 5 billion yuan by the end of 2000.
The company is now the fourth largest life insurer in China, in terms of market share.
With the inauguration of the Guangzhou branch Thursday and four other branches in Wuhan, Guangzhou, Hangzhou and Harbin in the near future, the insurer will have a total of 10 branches.
The company plans to increase its number of branches to 100 by 2005, Guan said, adding that it is also preparing to be listed on the stock market.
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