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United MetLife to open branch in NanjingBy Song Hongmei (chinadaily.com.cn)Updated: 2006-12-13 14:44 United MetLife Insurance Company Limited has gained approval from the China Insurance Regulatory Commission to open a branch in Nanjing, East China's Jiangsu Province, a strategic step forward for United MetLife after setting up its home office in Shanghai, the company announced Wednesday.
United MetLife is a 50 to 50 joint venture between MetLife Inc and Shanghai Alliance Investment Ltd, an investment arm of the municipal government. It was renamed from CitiInsurance in May because MetLife Inc acquired the joint venture's international assests from Citigroup in 2005. Jiangsu Province, located in the economic belt of the Yangtze River Delta, is
one of China's top three provinces in terms of total economic activity with a
population of more than 74 million. Residents have a relatively high insurance
awareness and the overall development of the insurance industry is comparatively
strong. The income from the insurance industry has ranked first in China for
four consecutive years. (For more biz stories, please visit Industry Updates) |
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