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New York Life Setting Up Chinese Joint Venture

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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.

Chinese insurance regulators gave New York Life permission to enter the Chinese life market in mid-December.

New York Life already sells life insurance in Hong Kong, Taiwan, India, Indonesia, the Philippines, South Korea and Thailand. The company also has four representative offices in China and one in Vietnam.