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MetLife Agrees To Form Life Joint Venture In Beijing

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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.


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