Making a somewhat belated
entry into China, US insurer Prudential Financial is to establish a
new life insurance company in a 50:50 joint venture (JV) with Fosun
International.
The JV partners received
initial approval from the China Insurance Regulatory Commission
(CIRC) in mid-September to form what will be the first life
insurance company in China that will be owned jointly by a
non-state-owned enterprise and a foreign capital
enterprise.
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The JV will start with
registered capital of CNY500m ($78m) with Prudential Financial’s US
insurance arm Prudential Insurance Company of America (PICA) and
Fosun each contributing 50%. The JV will be headquartered in
Shanghai, and it is expected to begin operations in the fourth
quarter of 2012, following receipt of final approval by CIRC and
other regulatory authorities.
Founded in 1992, Fosun’s
business interests include pharmaceuticals, health care, property,
steel, mining and retailing. Fosun also has a stake in general
insurer Yong’an Property Insurance. According to Prudential, Fosun
is the largest non-state-owned enterprise in Shanghai.
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