Prudential, Fosun to launch insurance JV

Prudential Financial (PRU.NYSE) has received approval from China’s insurance regulator to launch a mainland joint venture with Fosun International (0656.HKG), Reuters reported. Prudential Insurance Company of America will own 50% of the venture, the first such deal in China for a non-state-owned life insurer. Currently, 28 foreign companies operate in the US$150-billion Chinese life insurance market, though it remains dominated by domestic titians China Life (LFC.NYSE) and Ping An (601318.SH, 2318.HKG). This will be the second cooperation between Prudential and Fosun this year: Prudential announced in January it would invest US$500 million in a private equity fund managed by Fosun.