China Life to explore joint ventures with GE

China Life, the country's largest insurer, has signed a strategic cooperation memorandum with General Electric to explore joint venture opportunities, state media reported. Jeff Immelt, GE's chairman and CEO, said a potential strategic alliance with China Life could take many different forms. By combining China Life's wide distribution network with GE's expertise in financial services, the two parties are looking to launch new investment products designed for the increasing demand of retail customers. Immelt added that the cooperation would also help bring GE's technologies to China Life and strengthen its competitive edge. Liu Tingan, China Life's secretary of the board, said possible equity investments between the two groups should not be ruled out. China Life's life insurance premium income totaled US$27.8 billion in 2006, a 51 percent share in the domestic market.