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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (548)	8/28/2003 12:29:57 AM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

Prudential builds on China foothold by our business staff The UK insurance giant spreads its life insurance tentacles to Beijing, as Chinese financial deregulation gains pace Prudential has strengthened its grip on its important Asian market with the opening of a joint Beijing-based venture, launched as a springboard into China's life insurance market. CITIC Prudential, the insurance giant's joint venture with China International Trust & Investment Corp, said the new unit would employ 2,000 people by the end of this year and achieve revenues of 100 million yuan by the close of 2004. Jonathan Bloomer, Prudential chief executive, said the move was a "milestone" for the company, ranked one of the top two international life insurance groups in Asia. "China has one of the world's most rapidly developing insurance markets and is a very high priority for us," Mr Bloomer said. Wang Jun, chairman of CITIC Holdings, stressed the combination of Prudential's 155-year history with his company's local knowledge. "Our partnership provides a strong foundation upon which we can build a substantial life insurance business in Beijing and, eventually, the rest of China," he said. The opening of the Beijing operation, which will initially offer 24 products, including traditional life insurance policies and personal accident and health insurance, comes amid continuing deregulation in China following the country's accession to the World Trade Organisation in December 2001. China last year added Shenzhen, the northeastern city of Dalian and Foshan in Guangdong province to a list of markets, already including Shanghai and Guangzhou, open to foreign insurers. Access is being granted to 190 more cities, including Beijing, by the end of this year and to lift regional controls fully by the end of 2005. CITIC Prudential has, since its launch in Guangzhou three years ago, grown into an operation with 4,000 staff with a 14 per cent market share. timesonline.co.uk