NU Online News Service, Sept. 10, 2003, 7:43 p.m. EDT – CIGNA Corp., Philadelphia, has announced the official opening of a joint venture in China, CIGNA & CMC Life Insurance Company Ltd.

The new company will sell personal accident, hospital indemnity, term life and credit life insurance in Shenzhen, a city in China’s Guangdong province that has a population of 7 million.

CIGNA formed the company with Shenzhen Dingzun Investment Advisory Company Ltd., a unit of China Merchants Holdings Company, Hong Kong.

Rather than developing a network of agents, CIGNA & CMC will try to hold down costs by selling its products through China Merchant Bank, other banks, telemarketing operations and other “direct-to-consumer” channels, CIGNA says.