China Life has been in talks with several foreign companies including Lehman Brothers and Citigroup about their taking a stake in China’s biggest life insurer, said general manager Wang Xianzhang in a report by Bloomberg. The state-owned China Life was formed in 1996 when the government split the former monopoly People’s Insurance Co of China. […]
Category: Banking & Finance
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Foreign firms gain market share
According to China Insurance Regulatory Commission chairman Wu Xiaoping, 34 foreign insurance companies had been approved to conduct business in China by the start of June, People’s Daily reported. Foreign insurers operating in China had combined premium revenue of Yn3.2bn in 2001. In Shanghai and Guangzhou, the only two cities open to foreign insurers before […]
A study by Shenzhen Stock Exchange has found that punishment of market fraud is insufficient to deter offenders, South China Morning Post said. The study found that between 1993 and October 2001, the China Securities Regulatory Commission handed down 218 disciplinary actions for disclosure violations involving 171 firms and one-fifth of all cases were repeat […]
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Aegon to set up joint venture
Dutch insurer Aegon will set up a life insurance joint venture in China with the China National Offshore Oil Corporation, Xinhua reported. Each partner will have a 50 per cent stake in the venture, which will have an initial capital of US$24m. Based in Shanghai, the joint venture is expected to start operation in September […]
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Ping An to form conglomerate
China’s largest shareholding insurance company, Ping An Insurance, is planning to set up a financial conglomerate in the second half of this year, China Daily said. The expanded group would encompass securities and trust businesses in addition to life and non-life insurance businesses. Company chairman Ma Mingzhe said that the China Insurance Regulatory Commission and […]