China Pacific Insurance chairman Gao Guofu said that the preparations for the joint venture are going smoothly.
The JV is of critical importance to the business diversification of the country’s third-largest insurance company, Gao added.
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Gao further explained that the company will initially invest RMB1bn ($162m) in the joint venture.
At present, China Pacific concentrates to offer life, property, agricultural and endowment insurance products and services to its customers in the country.
Earlier, the Chinese underwriter reached an agreement to acquire a 34.34% stake in Anxin Agricultural Insurance Co; however, the deal is yet to obtain regulatory approval.
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