New York Life Setting Up Chinese Joint Venture

NU Online News Service, Jan. 3, 5:52 p.m. – New York Life Insurance Company, New York, says it has formed a joint venture with the Haier Group, Qingdao, China, to sell life insurance in China.

New York Life and Haier, a major Chinese manufacturer of home appliances, would each own half of the venture, which would be called Haier New York Life and start with the equivalent of about $24 million in capital.

The deal is subject to approval by the China Insurance Regulatory Commission, New York Life says.