NU Online News Service, Oct. 15, 2003, 12:47 p.m. EDT – MetLife Inc., New York, and Capital Airports Holding Company, Beijing, have agreed to form Sino-US MetLife Insurance Company Ltd., Beijing, a joint venture that will sell life insurance in China.
The venture will sell individual insurance through a professional agency system and other channels, MetLife says.
The venture agreement is subject to approval by Chinese insurance regulators.
Setting up operations in China is a key element in MetLife’s strategy to expand in emerging markets that are hungry for life insurance, William Toppeta, president of MetLife International, says in a statement about the venture agreement.
MetLife’s venture partner, Capital Airports, owns Beijing International Airport and also has investment and financing businesses.