The first JV life insurance company to have its headquarters in Beijing was set up by Northern Europe's Skandia Insurance and Beijing State-owned Assets Management (BSAM), one of Beijing's largest business conglomerates.
The JV has registered capital of RMB 200 million (US$24.2 million) and both companies own a 50% stake.
Founded in 1992, BSAM today manages a total of RMB 250 billion (US$30.19 billion) in assets, of which more than one third are in the financial sector.
Beijing lags behind other major cities in opening up to foreign insurers. So far 37 foreign insurance firms have opened 57 branches in China.