Pramerica Fosun Life Insurance Company (PFL), the proposed 50/50 joint venture between Prudential Financial and Chinas Fosun International, has been officially approved by the China Insurance Regulatory Commission (CIRC) to begin operations.
Kenny Wu, a 27-year veteran of the Chinese life insurance industry, will serve as general manager of PFL. The company is expected to begin operating in Q4 2012.
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Guo Guangchang, chairman of Fosun, said: The life insurance industry in China is experiencing rapid growth, driven by an increasing focus on protecting the livelihoods of families around the country."
Prudential Financial said the joint venture with Fosun International has registered capital of RMB 500 million ($79.3m).
As of 30 June 2012, Prudential Financial had approximately $961bn of assets under management as of June 30, 2012, has operations in the US, Asia, Europe, and Latin America.
On 16 July 2007, Fosun International, the parent company of Fosun Group was listed on the main board of the Hong Kong Stock Exchange.
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By GlobalDataUntil approval of PFL, Fosun Groups main investment in the insurance sector has been Yongan Insurance, which is a property and casualty insurance company headquartered in Xian with nationwide presence.
