Allianz becomes China’s first fully foreign-owned life insurance company

Life insurance - Allianz

The insurer created a joint venture that has become the first to receive approval of this nature. Allianz has announced that its Chinese life insurance company has received the necessary regulatory approval for becoming the first joint venture-created foreign-owned life insurer in the country. The sheer size of the Chinese market has made it an exceptionally appealing one to foreign insurers. Many financial institutions from countries around the world have been seeking to grow their presences within China. They are looking to enter or broaden their presence in the country’s…

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HSBC Life Insurance Company Limited (HSBC Life), a 50:50 joint venture between HSBC Insurance (Asia) Limited and Beijing-based The National Trust Limited, marked the official launch of its insurance operations in Beijing in a ceremony held today after receiving a licence to offer HSBC insurance products in the city recently. HSBC Life has been operating in Shanghai since August 2009. HSBC’s expanded insurance presence in China will enable HSBC and Hang Seng Bank customers across a combined 14 outlets in Beijing to access a comprehensive range of HSBC insurance solutions…

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China Life Insurance, Their Vision for 2011

One of China’s largest providers of life insurance, China Life Insurance Co., stated today that it will continue to focus on their fixed-income investments throughout this year. The announcement comes amidst a series of rate hikes occurring within the industry. China Life Vice President, Liu Jiade, has said that the insurer’s fixed-income products will account for approximately 78% of the company’s investment portfolio in 2011. Last Tuesday, China Life reported that their net profits for last year did not meet expectations. While profits rose by 2.3%, the insurer had a…

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