NU Online News Service, Sept. 25, 1:05 p.m. – AEGON Group, the Hague, says it has received permission from Chinese regulators to start preparations for a 50/50 life insurance joint venture with a domestic partner. The license has been granted to a subsidiary of Transamerica, an AEGON company.
The license will initially allow the joint venture to sell individual life insurance policies in one major Chinese city, AEGON says. However, the company will expand its operations in the next few years. AEGON is currently in talks with a number of prominent Chinese companies and expects to conclude the negotiations in 2002.